Astoria waterfront project nabs $280M financing package

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

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


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