Capitalizing on the fundamental strength of Manhattan’s submarkets, lenders and investors alike are increasingly drawn to new multifamily developments. Heatherwood Communities has secured $154 million in construction financing for the development of 42-12 28th Street, located in Long Island City, Queens, N.Y.
PNC Bank N.A. as sole lead arranger and administrative agent is syndicating the loan with Santander and Union Bank for the 58-story, high-rise, multifamily building. Site work began last year and the structure is now well underway.
“Lenders were drawn by the strong demand in one of the nation’s premier housing markets, as well as the prime location in Court Square, directly across the East River from Midtown, Manhattan.” said JLL’s Managing Director Aaron Appel, who led JLL’s Capital Markets team on the financing.
The development will be a Class A-plus, 477-unit multifamily property featuring 328,834 net residential square feet, 5,878 square feet of retail space and 16,123 square feet of dedicated amenity space. Individual units will offer upscale modern finishes and top of the line appliances along with sweeping views of Manhattan. The project will also feature a 2nd floor garage with 46 parking spaces. The property is located just off Jackson Avenue, with convenient access to multiple subway lines.
Rendering courtesy Heatherwood Communities