Wells Fargo Provides $175M Construction Loan for Queens Mixed-Use Development
The two-building Elara will deliver 429 units of housing to New York, including 107 affordable units
By Brian Pascus August 11, 2026 11:25 am
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The affordable housing development push continues in New York City.
The Domain Companies has secured $175 million in construction financing to build Elara, a two-building, 429-unit mixed-income housing development in the historic Astoria neighborhood of Queens, Commercial Observer can first report.
Wells Fargo provided the construction debt, while Domain Companies contributed an undisclosed amount of equity into the deal together with Canyon Partners Real Estate and BLDG Management. JLL Capital Markets’ Chris Peck and Nicco Lupo arranged the transaction.
In a statement, Jacob Feingold, partner and head of originations at Canyon Partners Real Estate, cited Astoria’s ongoing population growth and The Domain Companies’ experience building in the area. The firm opened Jasper, a 499-unit multifamily complex along the Queens waterfront, in 2025.
“We continue to see attractive opportunities to invest in high-quality residential projects in markets supported by strong housing demand and compelling long-term fundamentals,” said Feingold.
Located at 35-45, 35-33 and 35-42 41st Street in an area that borders the neighborhoods of Sunnyside Gardens and Astoria, Elara is split between Elara East, an 18-story building with 330 apartments, and Elara West, a 12-story building with 99 apartments.
Between the two buildings, the complex will deliver 107 permanently affordable housing units and 4,000 square feet of retail space.
On-site amenities will include fitness centers, co-working spaces, a screening room, a gaming room with a golf simulator, a children’s playroom, a dog wash station and outdoor courtyards, while Elara East will hold a rooftop terrace with views of the Manhattan skyline.
Matt Schwartz, co-CEO of Domain Companies, called Astoria “one of New York’s most vibrant and culturally rich neighborhoods,” in a statement.
“We’re proud to deepen that connection by delivering a thoughtfully designed residential community that reflects the character of the neighborhood while offering one of the highest-quality living experiences in the market,” he added.
Elara West is scheduled to open in February 2028, while Elara East is set to open a few months later in September 2028.
Brian Pascus can be reached at bpascus@commercialobserver.com.
