Amherst Capital Provides $47M Refi for Queens Multifamily Property
By Cathy Cunningham May 4, 2022 9:00 am
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RD Management, Camber Property Group and Valyrian Capital have landed a $47 million refinance for The Strand luxury multifamily property in Ridgewood, Queens, Commercial Observer has learned.
Amherst Capital provided the five-year loan, while Cushman & Wakefield’s Gideon Gil and Lauren Kaufman negotiated the debt on behalf of the borrower.
The 132-unit asset is located at 176 Woodward Avenue — near the border of Ridgewood and Brooklyn’s Bushwick neighborhood— and includes 5,009 square feet of retail space. Recently constructed, the building was designed by Aufgang Architects and Dumbo, Brooklyn-based The Meshberg Group.
“We’ve seen strong lender interest for luxury multifamily assets in the outer boroughs, and this property was no exception,” Gil said in prepared remarks. “The asset’s ideal location and newly renovated units are well positioned to capture renter demand, which led to a very competitive process allowing us to achieve ideal financing terms.”
Building amenities include a fitness center, yoga studio, coworking lounge and business center, game room and two landscaped rooftop terraces overlooking Brooklyn and the Manhattan skyline.
Only last week, C&W’s Gil and Kaufman closed another significant multifamily transaction. The debt duo arranged $173 million of acquisition financing for Eugene Asset Management’s $266 million purchase of The Lyric, a luxury apartment building on the Upper West Side.
Officials at Amherst could not immediately be reached for comment. RD Management officials didn’t immediately return a request for comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
