Apollo Global Real Estate Provides $97M Refi for Queens Luxury Multifamily

Slate Property Group and partner Grobman Gross Properties opened the 166-unit development in 2023

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Slate Property Group, together with partner Grobman Gross Properties, has secured $97 million to refinance The Yellowstone, a 166-unit, luxury multifamily apartment building in Forest Hills, Queens, that opened last year, Commercial Observer has learned. 

Apollo Global Real Estate Management provided the five-year, fixed-rate loan. 

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The financing will retire existing debt on the property and cover closing costs while also serving as an interest reserve for the property. Newmark (NMRK)’s Daniel Fromm represented the sponsors on the deal. 

Richard Grobman, principal and manager at Grobman Gross Properties, said in a statement that his team was “proud” to partner with Slate Property Group on the deal and emphasized the project will provide “much-needed high-quality homes” to New Yorkers. 

Martin Nussbaum, founding principal at Slate Property Group, praised Apollo’s role in the refinancing. The project had been in the works for more than a decade, according to Ira Gross, principal & manager at Grobman Gross Properties.

“We are grateful to the team at Apollo for recognizing and acting on the rare opportunity that The Yellowstone presents,” said Nussbaum in a statement. 

Located at 69-65 Yellowstone Boulevard, The Yellowstone is a 182,000-square-foot building that includes nearly 50,000 square feet of ground-floor retail occupied by Trader Joe’s supermarket. The property includes 166 multifamily units, some of which include private outdoor space, and features a fitness room, a community lounge, an outdoor amenity space, and a parking garage. 

The property sits at the junction of Queens Boulevard and Yellowstone Boulevard, giving residents easy access to the shopping and dining on nearby Austin Street, as well as the nearby subway lines and rail access at the Forest Hills Long Island Railroad Station. 

“This recently constructed, well-capitalized luxury project boasts modern layouts, premier finishes, and in-demand amenities all while being situated in a vibrant neighborhood with easy accessibility to Manhattan,” said Nussbaum. 

Brian Pascus can be reached at bpascus@commercialobserver.com