A joint venture between Werwaiss Properties and Rose Associates has secured $76 million in financing for the construction of a 20-story, 157-unit Class A multifamily high-rise tower and adjacent retail building located along Court Square in Long Island City, NY.
PCCP, LLC has provided a $20.4 million mezzanine loan paired with a $55.6 million senior loan from J.P. Morgan, for a total of $76 million of construction financing.
Walker & Dunlop’s New York team led by Jonathan Schwartz, Keith Kurland, Adam Schwartz and Aaron Appel advised and negotiated the debt.
“PCCP is pleased to lend to an experienced and long-term oriented borrower for this new development, a thoughtfully conceived, condo-level multifamily development in one of New York’s most rapidly growing, transit-rich neighborhoods,” said Brian Haber with PCCP.
“J.P. Morgan is proud to work alongside PCCP in providing capital for the construction of this artfully designed residential tower set in a bustling neighborhood with easy access to transit,” added Greg Reimers, J.P. Morgan Real Estate Banking Northeast Market Manager. “We’re committed to investing in New York City and we’re delighted to work with local industry leaders like Rose Associates and Werwaiss Properties to help create market rate and workforce housing that contributes to the strength and vibrancy of the community.”
Ownership completed construction plans in December 2020 and with the financing and permitting now in place, construction has commenced with completion anticipated in 2023.
The residential property is being developed as a boutique alternative to the large glass towers prevalent throughout the neighborhood.
When complete, it will contain 157 rental units, featuring premium design and condo-level finishes including elevated ceiling heights and tenant-controlled central air conditioning and heating systems. The building will offer nearly 14,000 s/f of indoor and outdoor common areas including a landscaped rooftop terrace as well as a dedicated amenity floor with double height residents’ lounge, bookable dining room, co-working and conference rooms, game room and fitness center, all set off a second, large outdoor landscaped terrace.
In addition, the project will provide approximately 10,000 s/f of ground floor retail space.
The retail building will have frontage on both Jackson Avenue, the neighborhood’s main retail throughfare, and 44th Drive, with the residential tower having its entrance on the quieter Thomson Avenue, opposite the iconic Long Island City Courthouse and adjacent Court Square Park.