Queens mixed-use project has secured $ 90 million in construction funding Slate property group. The project will be built on 69-65 Yellowstone Boulevard in Forest Hills, Queens, New York. It will include 50,000 square feet of retail, 186 parking spaces and 166 multi-family units, 50 of which will be affordable. There will be private terraces on each floor with common areas on the third floor and on the roof providing residents of the property with landscaped outdoor space. The 11-story building will stand on the site of a former Key Food supermarket at the intersection of Queens Boulevard and Yellowstone Boulevard. Construction began in April and is expected to be completed by 2023.
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Pacific Western Bank issued the senior loan and Heitman provided the mezzanine loan for the loan. âSlate Property Group is committed to supporting New York’s recovery and tackling the housing shortage. Through mixed-use projects like this we are able to create new jobs, bring resources to the community and move Queens forward. We are proud to launch Yellowstone today. Slate Property Group co-founder and director David Schwartz said in a statement to the Forest Hills Post at the time of the inauguration.
âWe are delighted to represent Slate in another successful transaction, as one of the most active developers and operators in and around the New York subway. Their proven track record makes them an attractive partner for existing and new loan relationships. Roeschlaub of the Yellowstone Funding said. âOur team was able to manage the volatile market and identify the optimal solution for a major sponsor. Completing this transaction with agile and reliable debt partners like PacWest and Heitman was imperative to the success of this transaction.
The job site is approximately 4 miles west of downtown Queens in a qualified opportunity area, three blocks from the Forest Hills 71st Avenue subway station.
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