[ad_1]
A massive multifamily project planned for Long Island City has landed a similarly huge construction loan.
North Carolina-based developer Grubb Properties has received roughly $215 million in financing from Kennedy Wilson, a real estate investment firm based in Beverly Hills, for Link Apartments QPN, a 417-unit development at 25-01 Queens Plaza North in the bustling Queens neighborhood. The project is still under construction but should be ready by next year for residents to move in, according to CBRE, which brokered the deal for Grubb.
The project will stand 26 stories tall, and 124 of the residential units will be set aside as affordable for households earning up to 130% of the area median income, or about $182,000 for a family of three. It will also feature 6,920 square feet of retail space on the ground floor. Grubb is building an elevator to the Queensboro Plaza subway station as part of the development as well.
The project’s close proximity to public transportation was one of the main reasons Kennedy Wilson opted to provide the construction loan, said Patrick Crandall, senior managing director at the firm. It has long known Grubb to be a quality developer, he said.
Grubb purchased the Long Island City site in September 2021 for $63 million, property records show. It bought 111 Washington St. in Manhattan’s Financial District for about $89.2 million around the same time; it is planning a 462-unit residential project there that should be finished in 2026, according to the company.
The median rent in northwest Queens hit $3,244 in April, the second-highest it has ever been for the month, according to the latest report from Douglas Elliman. The overall record for the neighborhood is $3,900, set in August last year.
The CBRE team of Elliott Voreis, Nate Sittema, Kristen Reilley and Owen Hall represented Grubb in the transaction.
[ad_2]
Eddie Small , 2024-05-09 22:25:32
Source link
