Durst Lands $105M Recap from Affinius for Long Island City Resi Tower
By Andrew Coen September 26, 2024 12:33 pm
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The Durst Organization has secured a $105 million equity investment to recapitalize a newly built multifamily tower in Long Island City, Commercial Observer has learned.
Affinius Capital executed the recap on Durst’s 71-story Sven property in a deal that closed Sept. 20.
Newmark arranged the transaction with a team led by Adam Spies, Doug Harmon, Adam Doneger, Josh King, Marcella Fasulo and Chris Kramer.
Affinius initially joined Durst as an equity partner for the project in June in a deal that valued the 958-unit building at $700 million, Bloomberg reported at the time. Durst also sealed a $450 million refinancing from Wells Fargo in May, according to Bloomberg.
Prior to the Wells Fargo loan and equity partnership with Affinius, Durst was exploring a potential $800 million sale of the property, The Real Deal reported in January.
“As a premier residential destination and crown jewel in Long Island City’s skyline, Sven capitalizes on accessibility, proximity to major employment hubs and a favorable supply-demand balance,” David Greenburg, managing director at Affinius, said in a statement. “Our partnership with The Durst Organization, renowned multigenerational developers of New York City’s most prestigious properties, underscores our confidence in the submarket and Sven’s potential to redefine luxury living in this dynamic urban landscape.”
Located at 29-59 Northern Boulevard, Sven opened in ealy 2022 as the second-tallest tower in Queens. Community amenities include a fitness center, outdoor swimming pool, game rooms, a business center, a library and a children’s playroom.
Officials at Durst did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
