Slate Property Group (“Slate”), an owner, operator, developer and lender, primarily focused on multifamily in the New York metropolitan area, announced that it has closed on an $85 million refinancing for Dutch House, a 186-unit multifamily property located at 37-05 30th Street in Long Island City.
Developed by Slate Property Group and its partner Avenue Realty Capital (ARC), Dutch House is an eight-story multifamily building with 21,000 square feet of retail at ground level. Designed by Aufgang Architects, the development was completed in early 2022 and is fully leased.
PCCP is the sole lender for the financing package, which will be used to retire an existing construction financing facility originated by Centennial Bank and Affinius Capital, formerly known as Square Mile. Aaron Appel of Walker & Dunlop represented Slate and ARC in the transaction.
“Our ability to refinance Dutch House is yet another demonstration of the market’s endorsement of this best-in-class multifamily property,” said Martin Nussbaum, Co-Founder and Principal at Slate Property Group. “We successfully delivered this project ahead of schedule and quickly achieved full lease-up at rates relflective of both the quality of the asset and its prime Long Island City location.”
Residential units at Dutch House include studio, one- and two-bedroom apartments, all of which feature hardwood floors, washers and dryers and patios or balconies. Approximately 56 apartments are set aside as affordable.
Communal amenities include a lobby with concierge service, a modern fitness center, bike storage, recreation room with a pool table and a rooftop terrace with barbeque grills and beautiful views of the Manhattan skyline. The building is a short walk from Queensbridge Park, the East River and various subway lines.
Slate and ARC have partnered on nine residential transactions with a combined value of approximately $450 million. In June, the partnership completed the purchase of 600 Columbus Avenue, a 166-unit multifamily building on Manhattan’s Upper West Side. In 2022, the firms jointly purchased a development site at 159 Boerum Street in Brooklyn with plans to construct 161 residential units, of which 30% will be affordable.
