Werwaiss Properties scored a $131 million construction loan for its latest residential tower in Long Island City.
PCCP and Corebridge Financial (formerly AIG) provided the financing for the project at 23-10 42nd Road in the Queens neighborhood, Walker & Dunlop announced. Foundation work on the 35-story property finished in the fall.
Werwaiss filed plans for the development two years ago. The project will include 240 apartments — split between one- and two-bedroom units — a fitness center, a residents’ lounge, a sky lounge and amenity terraces.
The family-owned real estate firm’s plans for the 230,000-square-foot building also include about 10,000 square feet of commercial space. Construction is scheduled to be completed in the summer of 2025.
A Walker & Dunlop team led by Jonathan Schwartz and Aaron Appel arranged the financing.
The loan comes amid a difficult environment for commercial real estate lending, which has been chilled by rising interest rates over the past year.
Werwaiss, which is based in Long Island City, has owned the property since 1974.
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The family firm is also developing 27-10 44th Drive in Long Island City. It filed plans for the 20-story, 118,000-square-foot mixed-use project in April 2020. The luxury project includes 157 units and 10,000 square feet of commercial space.
In 2021, Werwaiss secured $55.6 million in construction loans from JPMorgan Chase, allowing the developer to move forward with the stalled project.