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$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
- ◦Financing
- ◦Development
- ◦Sale/Acquisition

