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Silverstein, Cantor Fitzgerald Garner $165M Construction Loan for Astoria Development

Affiliates of Cantor Fitzgerald and Silverstein Properties have closed on construction financing for 44-01 Northern Blvd., a project that Cantor Silverstein Opportunity Zone Trust, Inc. is invested in. Cantor Fitzgerald and Silverstein arranged a $165-million construction loan from Banco Inbursa for the development of a 354-unit multifamily property located on a 63,000 square-foot lot in the Astoria neighborhood of Queens.

Silverstein Properties, developer for the project, commenced construction in spring 2022 and foundation work is nearing completion. The building is expected to open for occupancy in spring 2024.

““We’ve gotten to know many incredible people in this community over the past few years through our planning for Innovation QNS, and that’s why we believe so strongly in Astoria,” said Marty Burger, CEO of Silverstein Properties.

Added Chris Milner, head of real estate investment management at Cantor Fitzgerald Asset Management, “In an environment of cautious construction lending and inflation hikes increasing the cost of debt, making it more expensive to borrow money, we appreciate Banco Inbursa’s recognition of the strength of the Cantor Fitzgerald and Silverstein partnership and the quality of this asset.”


Inside The Story

Silverstein Properties' BurgerCantor Fitzgerald

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).

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