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New York & Tri-State  + Outer  + Finance  | 

$65M First Mortgage Fuels Buy of Astoria Development Site

Eastern Consolidated has arranged a $65-million first mortgage to finance the acquisition of a block-through waterfront development site in the Astoria section of Queens. The project at 30-77 Vernon Blvd. is expected to include 770 affordable and market-rate apartments.

The Eastern team of Adam Hakim and James Murad secured the loan from Mack Real Estate Credit Strategies on behalf of the borrower, a partnership of Cape Advisors and Wainbridge Capital. “Cape Advisors’ and Wainbridge Capital’s new project will be a terrific addition to Astoria’s waterfront, which has become a popular location for residential development,” said Hakim.

Murad added that the area has become “a high demand rental location with millennials.” Joining a roster of large-scale projects either in the planning stages or under construction along the waterfront, the 30-77 Vernon development will be a two-minute walk from the Astoria Ferry Terminal (pictured), which offers transportation to Midtown and Lower Manhattan.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Development
  • ◦Sale/Acquisition
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