Domain Lines Up $176M Financing for Mixed-Income Astoria Rentals

The Domain Companies has closed on $175.6 million in financing with Wells Fargo for a new mixed-income housing project called Elara, which will deliver 429 new apartments in Astoria, Queens. Domain’s equity partners on the deal are Canyon Partners Real Estate and BLDG Management. The financing was brokered by Chris Peck and Nicco Lupo of JLL Capital Markets. 

“Astoria is one of New York’s most vibrant and culturally rich neighborhoods, and it has long held a special place in Domain’s history,” said Matt Schwartz, co-CEO of Domain Companies.“We’re proud to deepen that connection by delivering a thoughtfully designed residential community that reflects the character of the neighborhood while offering one of the highest-quality living experiences in the market.”

The project includes an 18-story building with 330 apartments called Elara East, and a 12-story building with 99 apartments named Elara West. The development includes 107 permanently affordable homes. The buildings are located at 35-45, 35-33 and 35-42 41st St., with Elara West anticipated to open in February 2028, and Elara East expected in September 2028.

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