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Hakimian Lands $156M Construction Loan for Woodside Development
Canyon Partners Real Estate LLC and Pacific Western Bank partnered to provide a $156-million construction loan to The Hakimian Organization’s affiliate HG Capital for the development of a 364-unit multifamily community in the Woodside neighborhood of Queens. Construction will commence in this month and is expected to be completed in 2024.
“As a longtime developer in the New York City area, we understand the growing demand for attractive and well-located housing options, and this financing from Canyon and Pacific Western Bank allows us to provide both a Class A community and affordable housing to the residents of Woodside,” said Rex Hakimian.
The project is located between Queens Boulevard and 45th Avenue and proximate to public transportation options. It will be within walking distance of several retail and dining options as well as major employment centers in the area.
The financing was brokered by Rael Gervis of Meridian Capital Group.
- ◦Development
- ◦Financing
