Blackstone lands $269M loan for acquisition of Parker Towers

Private equity firm buying housing complex for $500M

New York /
Nov.November 19, 2018 06:10 PM

Blackstone Group CEO Jonathan Gray and Parker Towers at 104-20 Queens Boulevard in Queens (Credit: Getty Images and Parker Towers)

The Blackstone Group is financing its $500 million acquisition of the Parker Towers housing complex in Queens with a $269.1 million mortgage from Newmark Knight Frank, public records show.

The mortgage includes an existing loan of $165 million and new financing of $104.1 million. Berkeley Point Capital, which BCG Partners bought for $875 million in 2017 and recently folded into the Newmark brand, issued the previous loan and is also listed as the new lender. Newmark’s Jordan Roeschlaub, Dustin Stolly and Stephan Gianopolus brokered the loan. They could not be reached for comment.

Blackstone agreed to buy the from the three-building, 1,327-unit complex in Forest Hills from the Jack Parker Corporation in September. A Newmark Knight Frank team led by Jimmy Kuhn had been marketing the property, along with other buildings owned by Jack Parker, for sale.

Representatives for Blackstone and Newmark were not immediately available for comment.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Carpenter & Company's Richard Friedman and 2 Canal Street in New Orleans (Carpenter & Company, Google Maps)
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
Blackstone's Stephen Schwarzman and 8 Spruce Street (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and Twitter/AAsArchitecture)
Blackstone’s 8 Spruce sues tenant over alleged pop-up restaurant
Blackstone’s 8 Spruce sues tenant over alleged pop-up restaurant
Cohen Brothers Realty’s Charles Cohen and 750 Lexington Avenue (Getty Images, Cohen Brothers Realty, Council on Tall Buildings and Urban Habitat)
Cohen Brothers’ Midtown tower back in special servicing
Cohen Brothers’ Midtown tower back in special servicing
ASG's Steve Reardon, DoorLoop's Ori Tamuz and David Bitton (ASG, DoorLoop)
Property management startup DoorLoop raises $20M
Property management startup DoorLoop raises $20M
Carmel Partners' Ron Zeff and a rendering of the LIC project (Getty Images, Carmel Partners, Privcap)
Carmel Partners nabs $364M loan for Queens development
Carmel Partners nabs $364M loan for Queens development
Dealpath's Mike Sroka (Dealpath, Getty)
Deal management platform Dealpath raises $43M Series C
Deal management platform Dealpath raises $43M Series C
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...