Construction Financing Arranged for Queens MXU Dev
HFF arranged $61.5 million in construction financing for the development of Roosevelt Parc, a 15-story, transit-oriented, mixed-use project located in the Jackson Heights neighborhood of Queens, New York. The HFF debt placement team worked on behalf of the borrower, an affiliate of Werber Real Estate, to secure the floating-rate construction loan through Principal Global Investors.
Werber Real Estate is developing the 14-story complex with Socius Development Group. The project consists of 154 residential units, 16,557 square feet of retail space, 23,074 square feet of community facility space, and is anticipated to deliver by 2020. Located at 71-17 Roosevelt Ave., with the residential entrance at 37-46 72nd St. in Jackson Heights, the site is within one block of the Jackson Heights – Roosevelt Avenue subway station.
HFF’s Steven Klein and Geoff Goldstein represented the borrower.
For comments, questions or concerns, please contact Dennis Kaiser