Merchants Capital Refis Far Rockaway Apartments With $78M Loan
By Andrew Coen December 22, 2022 2:36 pm
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The Arker Companies has inked a $78.4 million debt package to refinance three multifamily assets in Far Rockaway, Queens, property records show.
Merchants Capital provided the loan for three Arker buildings consisting of 329 units including its six-story, 149-unit property on 14-10 New Haven Avenue along with 249 Beach 15th Street and 14-03 Heyson Road.Arker will utilize proceeds from the financing for funding repairs and renovations.
Led by Daniel Moritz, Alex Arker and Allan Arker, Arker Companies specializes in affordable housing developments, owning more than 10,000 workforce units in Queens and Brooklyn. One of the Long Island-based developers signature recent projects is the 11-building Edgemere Commons mixed-use development at the site of the former Peninsula Hospital in Far Rockaway, which broke ground in June and will feature 2,050 mixed-income housing units.
Officials at Merchants Capital and Arker Companies did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
