Astoria waterfront project nabs $280M financing package

Cape Advisors and The Pioneer Group secure funding for 534-unit development

TRD New York /
Jul.July 31, 2020 11:00 AM
30-77 Vernon Boulevard and Cape Advisors CEO Craig Wood (All images via Cape Advisors)

30-77 Vernon Boulevard and Cape Advisors CEO Craig Wood (All images via Cape Advisors)

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


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
Churchill Real Estate Holdings’ Justin Ehrlich (iStock)

Churchill Real Estate lines up $2B investment for residential lending

Churchill Real Estate lines up $2B investment for residential lending
Here are the multifamily borrowers getting the most forbearance from Fannie & Freddie

Here are the multifamily borrowers getting the most forbearance from Fannie & Freddie

Here are the multifamily borrowers getting the most forbearance from Fannie & Freddie
Joe Moinian and 123 Linden Blvd. (Moinian Group)

These were the top outer borough loans in July

These were the top outer borough loans in July
Clockwise from top: Savanna's Christopher Schlank with 1375 Broadway, a rendering of 40 10th Avenue and 109 East 79th Street with Victor Sigoura (Google Maps; Getty; rendering via 40tenthave)

These were the largest Manhattan real estate loans in July

These were the largest Manhattan real estate loans in July
From left: Trinity Investments CEO Sean Hehir and Benchmark Real Estate Group principals Aaron Feldman and Jordan Vogel (iStock, LinkedIn, Trinity Investments)

“Blank-check” companies make a comeback in real estate

“Blank-check” companies make a comeback in real estate
Starwood Capital Group CEO Barry Sternlicht (Getty)

Starwood eyes $11B raise for real estate, distressed bets

Starwood eyes $11B raise for real estate, distressed bets
arrow_forward_ios

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

Loading...