Blackstone lands $269M loan for acquisition of Parker Towers

Private equity firm buying housing complex for $500M

TRD 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.

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