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HFF funds $61.5M apartment construction project in Jackson Heights

Holliday Fenoglio Fowler announced $61.5 million in construction financing for the development of Roosevelt Parc, a 15-story, transit-oriented, mixed-use development in Jackson Heights, Queens.

The HFF debt placement team worked on behalf of the borrower, an affiliate of Werber Real Estate, to secure the floating-rate construction loan through Principal Global Investors. The HFF team included managing director Steven Klein and senior director Geoff Goldstein.

Werber Real Estate is developing Roosevelt Parc with Socius Development Group. The development will consist of 154 residential units, 16,557 s/f of retail space, 23,074 s/f of community facility space and a 186-space parking garage.

Located at 71-17 Roosevelt Avenue with the residential entrance at 37-46 72nd Street in Jackson Heights, the project is within one block of the Jackson Heights – Roosevelt Avenue subway station, which is the second busiest train station outside of Manhattan.

Designed by Marvel Architects, the building will include more than 40,000 s/f of amenities, including a rooftop deck, movie screening room, fitness center, playroom, courtyard and concierge.

Units will feature a mix of studio through four-bedrooms and have stainless steel appliances, granite countertops and in-unit washers and dryers.

“Werber’s success in assembling a large-scale development site within a high-barrier-to-entry submarket enabled the borrower to obtain favorable construction financing during a time of limited liquidity for large projects,” said Klein.

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