Kennedy Wilson, Related Lend $215M on Long Island City Apartments
By Andrew Coen May 8, 2024 1:54 pm
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Grubb Properties has nabbed $214.5 million of construction financing to build a high-rise multifamily project in Long Island City, Queens.
Kennedy Wilson and Related Fund Management, an affiliate of Related Companies, provided the loan on Grubb’s planned 26-story Link Apartments development that topped out last week and is slated for completion next year, according to Commercial Mortgage Alert, which first reported the deal.
CBRE (CBRE) arranged the transaction with a team led by Elliott Voreis, Nate Sittema, Kristen Reilley and Owen Hall.
“Grubb is creating a truly exceptional community here in Queens, seamlessly integrating transit and workforce housing units that have been meticulously planned over many years,” Sittema said in statement
Located at 25-01 Queens Plaza North, the 417-unit complex will have 124 apartments designated as affordable housing. The property will also include 6,920 square feet of ground-floor retail space.
The development will be steps from the Queensboro Plaza subway station. Grubb, in partnership with the Department of City Planning and Metropolitan Transportation Authority, recently participated in New York’s Zoning for Accessibility program, which will involve installing a new 24/7 street-level elevator at the nearby subway station.
“We had closed with Grubb Properties previously when we were at Pacific Western Bank and think very highly of their team,” Tom Whitesell, head of the debt investment group at Kennedy Wilson, said in a statement. “The connectivity to the MTA by virtue of the pedestrian bridge that connects to the building lobby is a particularly attractive feature of the development.”
“This highly amenitized and transit oriented investment opportunity is indicative of our credit platform’s focus on providing financing to experienced and well-capitalized sponsors for the development of high quality residential projects in New York and other major markets,” Chad Goodman, managing director at Related Fund Management said in a statement,
Officials at Grubb did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
