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Astoria Multifamily Scores AIG Loan

Cushman & Wakefield advised 34-22 Astoria Partners LLC, led by Theodore Kakoyiannis of Valyrian Capital, in obtaining a $26.5-million refinancing of DVI Astoria, a 65,000-square-foot multifamily asset located at 34-22 35th St. in Astoria. The loan was provided by AIG.

A Cushman & Wakefield equity, debt & structured finance team of Gideon Gil, Zachary Kraft and Maya Steinberger represented the borrower.

“AIG recognized the strength of this brand new, Class A multifamily property with great amenities and a premier location in Astoria,” said Gil. “We were pleased to connect our client with AIG, and congratulate both parties on a seamless execution during unprecedented times in the capital markets.”

34-22 35th  is a newly-constructed seven-story, mid-rise, 64-unit Class A apartment building containing 22 studios, 23 one-bedrooms, 17 two-bedrooms and two three-bedrooms at an average size of 647 rentable square feet. The property also has one 1,400-square-foot retail space.

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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 13-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 15-20 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 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).