Slate Property Group has secured $ 90 million home loan for a mixed-use development in Forest Hills.
Pacific Western Bank made the senior loan while Heitman provided the mezzanine loan that will be used to facilitate construction at 69-65 Yellowstone Boulevard, Commercial Observer reported.
At the time of the project’s groundbreaking in early April, David Schwartz, co-founder and director of Slate Property Group, said in a statement to the Forest Hills Post that the company was committed to helping rebuild the city and address the housing shortage.
“Through mixed-use projects like this, we can create new jobs, bring resources into the community and advance New York,” said Schwartz.
The building, designed by Aufgang Architects, rises on the site of a former key food store on the corner of Yellowstone and Queens Boulevards. The building will have 166 rental units, 50 of which will be affordable living space, as well as 50,000 square meters of retail space. The retail space has reportedly been rented to a new grocer and bank.
A Newmark team led by Dustin Stolly and Jordan Roeschlaub negotiated the deal.
[CO] – Akiko Matsuda