BridgeCity Provides $34M Construction Loan for Astoria Apartments Project
By Andrew Coen May 28, 2025 12:51 pm
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Elmord Management has sealed $34.3 million of construction financing to build a multifamily building in Astoria, Queens, Commercial Observer has learned.
BridgeCity Capital supplied the two-year bridge loan for the developer’s planned nine-story rental building at 34-20 38th Street, according to the lender.
Louis Lebovits, CEO of BridgeCity Capital, said in a statement that BridgeCity was drawn to the deal due largely to the “proven track record” of Mordechai Schwimmer, owner of Elmord Management.
“He is widely regarded as one of the top young, up-and-coming developers in New York City,” Lebovits said of Schwimmer. “We are confident that Mr. Schwimmer and his outstanding team will deliver another exceptional project.”
Schwimmer acquired a five-parcel development site that spans from 34-10 to 34-24 38th Street for $12 million from the Pinto family. PincusCo first reported news of the loan Wednesday, but without the construction financing details.
The 82,144-square-foot project will consist of 89 units and 31 parking spaces and is expected to finish construction in late 2026, according to BridgeCity. Schwimmer filed permits in January to demolish the two-story residential building currently on the site, New York YIMBY previously reported.
Elmord Management did not immediately respond to a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
