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.”