Grubb Properties has nabbed $214.5 million of construction financing to build a high-rise multifamily project in Long Island City, Queens.
Kennedy Wilson and Related Companies provided the loan on Grubb’s planned 26-story Link Apartments development that topped out last week and is slated for completion next year, according to Commercial Mortgage Alert, which first reported the deal.
CBRE (CBRE) arranged the transaction with a team led by Elliott Voreis, Nate Sittema, Kristen Reilley and Owen Hall.
“Grubb is creating a truly exceptional community here in Queens, seamlessly integrating transit and workforce housing units that have been meticulously planned over many years,” Sittema said in statement
Located at 25-01 Queens Plaza North, the 417-unit complex will have 124 apartments designated as affordable housing. The property will also include 6,920 square feet of ground-floor retail space.
The development will be steps from the Queensboro Plaza subway station. Grubb, in partnership with the Department of City Planning and Metropolitan Transportation Authority, recently participated in New York’s Zoning for Accessibility program, which will involve installing a new 24/7 street-level elevator at the nearby subway station.
Officials at Kennedy Wilson, Related and Grubb did not immediately return requests for comment.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer
Read MoreChannel, Construction, Finance, Nate Sittema, New York, New York City, Queens, Long Island City, CBRE, Grubb Properties, Kennedy Wilson, Related Companies Commercial Observer
