A Queens mixed-use project has secured US$90 million in construction funding signed to Slate Property Group. The project will be constructed on 69-65 Yellowstone Boulevard in the Forest Hills, Queens, New York. It will include 50,000 square feet of retail, 186 parking spaces, and 166 multi-family units of which 50 will be affordable. There will be private terraces on each floor with the third-floor and rooftop common areas providing property residents with landscaped outdoor space. The 11-story building will rise on the site of a former Key Food supermarket at the intersection of Queens Boulevard and Yellowstone Boulevard. Construction began in April and scheduled to be completed by 2023.
Also Read: JFK Airport construction to create 20,000 jobs, New York
Pacific Western Bank issued the senior loan and Heitman provided the mezzanine loan for the loan. “Slate Property Group is committed to supporting New York’s recovery and tackling the housing shortage. Through mixed-use projects such as this, we are able to create new jobs, bring resources to the community, and keep Queens moving forward. We are proud to break ground on The Yellowstone today.” said the co-founder, and principal of Slate Property Group, David Schwartz in a statement to the Forest Hills Post at the time of the groundbreaking.
“We are thrilled to represent Slate in another successful transaction, as one of the most active developers and operators in and around the NYC metro. Their track record of proven experience positions them as an attractive partner to both existing and new lending relationships.” Roeschlaub from Yellowstone financing said. “Our team was able to manage through the volatile marketplace and identify the optimal solution for a great sponsor. Executing this transaction with nimble and reliable debt partners like PacWest and Heitman was imperative to the success of this transaction.”
The building site is roughly 4 miles west of downtown Queens in a qualified Opportunity Zone, three blocks from the Forest Hills 71st Avenue subway station.
80%
