Ares Provides $86M Refi for Long Island City Multifamily Property

Slate Property Group and Avenue Realty Capital have secured an $86.25 million loan  to refinance Dutch House, an eight-story, 186-unit multifamily property in Long Island City, Queens, Commercial Observer can first report. 

Ares Capital Management provided the debt, which retires a 2023 refinancing facility made by PCCP, while the Walker & Dunlop team of Aaron Appel, Jonathan Schwartz, Dustin Stolly, Keith Kurland, Adam Schwartz and Sean Bastian arranged the transaction. 

Martin Nussbaum, co-founder and principal at Slate Property Group, said in a statement that the asset is fully leased and that the Long Island City submarket continues to perform. 

“The refinancing of Dutch House reflects continued strong market demand for best-in-class multifamily in Long Island City,” said Nussbaum. 

Located at 37-05 30th Street in Long Island City, Dutch House opened in 2022 and features studio to two-bedroom apartments. The complex includes 21,000 square feet of ground-floor retail. 

Amenities include a fitness center, a recreation room and a rooftop terrace, while 56 apartments have been reserved as affordable housing.  

Brian Pascus can be reached at bpascus@commercialobserver.com.