Slate Property Group, LibreMax Capital Lend $60M on Astoria Condo Tower

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Ming’s Garden Realty has secured $60.25 million of bridge financing to complete a planned condominium tower in Astoria, Queens.

Slate Property Group and LibreMax Capital provided the two-year, floating-rate loan to fund the final construction stages and selling of the firm’s 13-story, 143-unit condo property at 26-01 Fourth Street. The project is slated for completion in the first quarter of 2025.

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“Our experience with this growing section of Queens gave us the expertise needed to leverage this opportunity to provide financing for a high-quality project that will bring much-needed housing to the neighborhood,” Daniel Ridloff, managing director at Slate Property Group, said in a statement. 

New Land Capital’s Sam Zhang arranged the transaction.

The condo site was originally zoned for single-story industrial development before Ming’s Garden Realty executed a rezoning for residential usage. The building will feature units ranging from studios to two-bedrooms, plus 167 parking spaces and a 40,034-square-foot community facility.

Officials at LibreMax Capital and Ming’s Garden Realty did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com