Signature Bank Refis Durst’s Astoria Multifamily Complex With $128M Loan
By Cathy Cunningham December 28, 2021 9:00 am
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The Durst Organization has landed a $127.5 million refinance for 10 Halletts Point, its newly constructed multifamily complex in Astoria, Queens, Commercial Observer can first report.
Signature Bank provided the five-year debt, while Meridian Capital Group arranged the transaction.
The 405-unit property sits adjacent to the Astoria waterfront and is part of a multi-phase commercial and residential development that will span a proposed 2.4 million square feet, and feature 2,100 residential units — including an affordable component — a public waterfront esplanade and retail.
“This transaction presented an exciting opportunity for Signature Bank to partner with The Durst Organization, which has earned a reputation as a best-in-class operator,” said Joseph Fingerman, managing group director at Signature. “This best-in-class property will truly enhance the Astoria area with all it has to offer to residents.”
Fingerman led the transaction on behalf of the bank, along with Signature’s Aaron Greene, group director and vice president, and Gregory Fantauzzi, associate group director Meridian’s Ronnie Levine, senior managing director, and Thomas Wayda, senior vice president, negotiated the financing on behalf of The Durst Organization.
“Meridian was able to bring together top-tier sponsorship and a long-standing and valued lending relationship to finance this market-leading property,” Levine said. “We were able to structure a loan with favorable economic terms that also provided the flexibility for the Durst team to maximize the value of the asset.”
Designed by Dattner Architects, 10 Halletts Point’s residences feature floor-to-ceiling windows with panoramic city views. The property offers residents 25,000 square feet of indoor and outdoor amenities, including state-of-the-art fitness center, yoga studio library and children’s playroom as well as outdoor dining and barbeque area and on-site parking. A 25,000-square-foot supermarket, Brooklyn’s Harvest Market, occupies a portion of the property’s base.
The sustainable complex was designed in accordance with LEED Gold construction standards, as reported by New York Yimby, and includes energy-saving building mechanicals, windows that moderate temperatures within the building, and on-site water treatment systems. During the design process, Durst and Dattner worked alongside consultancy Vidaris to utilize eco-conscious building materials and interior design elements, per Yimby.
The asset is within walking distance to the new ferry landing, with connections to Manhattan, Brooklyn, Queens and Roosevelt Island. The building also offers a shuttle service to ferry and subway stations.
Officials at The Durst Organization didn’t immediately return a request for comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
