Slate property group contributed $ 90 million home loan for its new mixed-use project 69-65 Yellowstone Boulevard in the Forest Hills neighborhood of Queens, Commercial Observer found out.
Pacific West Bank provided the primary debt while Heitman Mezzanine financing provided as part of the deal. NeumarkCo-Chiefs of New York Debt & Structured Finance, Dustin Stolly and Jordan Röschlaub, negotiated the deal together with Daniel Fromm and Dan Morin.
The transit-oriented, Rise architectsThe planned development includes 166 apartment buildings – 50 of which are affordable – and 50,000 square feet of retail space. In addition to private terraces on each floor, the communal areas on the third floor and on the roof offer the building’s residents a landscaped outdoor area. The building also has 186 parking spaces.
“Our team was able to weather the volatile market and find the optimal solution for a great sponsor,” said Stolly. “Executing this transaction with nimble and reliable debtor partners like PacWest and Heitman was essential to the success of this transaction.”
The 11-storey building is being built on the site of a former Key food Supermarket at the intersection of Yellowstone Boulevard and Queens Boulevard. The new retail space has already been fully let to an unnamed national grocer and a bank.
The Slate team laid the foundation for the project last month, and it is “scheduled” for completion in 2023.
“The Slate Property Group is committed to supporting the reconstruction of our city and fighting the housing shortage”, David Schwartz, Co-founder and director of Slate Property Group, said in a statement to the Forest Hills Post at the time of the groundbreaking. “Through mixed-use projects like this, we can create new jobs, bring resources into the community, and advance New York. We are proud to be breaking ground at Yellowstone today. “
In addition to being an active owner, operator, and developer of residential and commercial real estate, Slate’s credit arm, SCALE Lending, has been busy throughout the pandemic. It delivered in March a $ 120 million home loan to Namdar group on an apartment building in Jersey City, NJ and a $ 30 million mezzanine loan reposition the former Cecil Hotel in downtown Los Angeles in multi-family and boutique hotel use.
“We are very happy to represent Slate [Property Group] in another successful transaction, ”said Roeschlaub of the Yellowstone financing. “As one of the most active developers and operators in the vicinity of the NYC Metro, Slate has positioned itself as an attractive partner for both existing and new credit relationships based on its proven experience.”