A joint venture has nabbed $280 million in debt and equity to develop a mixed-income rental property on Astoria’s waterfront.
Cape Advisors and The Pioneer Group secured a $225 million construction loan from Square Mile Capital Management, Commercial Observer reported. The loan will have full-term interest-only payments. Denver-based real estate investment trust UDR provided the equity.
Meridian Capital Group advised on the debt, and JLL on the equity.
The development at 30-77 Vernon Boulevard will include 534 apartments, with 30 designated as affordable, across three low-rise buildings. The development will include parking space for 277 vehicles, a rooftop pool and grills, fitness center, lounge and landscaped courtyard.
Closing a construction loan during a pandemic remains a challenge, Meridian’s Adam Hakim told the Observer. [CO] — Georgia Kromrei