The two developers behind a 354-unit residential building in Astoria have secured a loan to finish constructing the project.
The developers, Silverstein Properties and Cantor Fitzgerald, announced Wednesday, March 1, that the joint venture arranged a loan of $165 million from Banco Inbursa — a financial firm based in Mexico — to complete the project at 44-01 Northern Blvd.
The project, which broke ground last year, will bring a mix of one and two-bedroom units — 25 percent of which will be deemed as “affordable.”
The development will also include 25,000 square feet of retail space facing Northern Boulevard and 200 parking lots.
The building is scheduled to open in the spring of 2024, the developers said.
Chris Milner, the head of real estate investment management at Cantor Fitzgerald, said securing the loan was important, given the current economic climate.
“In an environment of cautious construction lending and inflation hikes increasing the cost of debt, making it more expensive to borrow money, we appreciate Banco Inbursa’s recognition of the strength of the Cantor Fitzgerald and Silverstein partnership and the quality of this asset,” Milner said. “We are thrilled to have completed this transaction and to move forward with the construction of 44-01 Northern Boulevard.”
