A US$ 131M loan has been secured for the implementation of the 23-10 42nd Road development in New York. This was revealed by the developer of the project, Werwaiss Properties, a family-owned real estate company.
The loan was secured from Corebridge Financial (formerly AIG) and PCCP. Reportedly, Walker & Dunlop‘s, capital markets team represented the developer in the transaction. The team included Aaron Appel, Adam Schwartz, Michael Diaz Keith Kurland, and Senior Managing Director Jonathan Schwartz.
US$ 131M loan to enable the construction of 35 stories mixed-use building
The loan will facilitate the construction of 35 stories mixed-use building at the intersection point between the borough’s Court Square and Queens Plaza districts. The development will span 230,000 square feet 163,000 of which will be set aside for a residential component while the rest will be retail space.
The residential component will consist of studio, one and two-bedroom units equipped with Class A finishes. It will also include a community amenity space spanning 15,000 square feet, including a resident and a roof lounge. Additional amenities featured within the space include a fitness center, coworking space, multiple terraces, and parking places.
The project location will provide future residents with exceptional western-facing views of Manhattan including unparalleled transportation access across the city. Thus far, the developer has completed the preliminary site work and intends to finish the project by the summer of 2025.
The team behind the 23-10 42nd Road development in New York
The development team involved in the 42nd Road development includes Fogarty Finger and Suffolk Construction. Fogarty Finger is handling the project’s design, while Suffolk Construction will serve as the general contractor.
The developer has also partnered with Albanese Development Corp to handle the development management services.