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New York & Tri-State  + Outer  + Finance  | 

Walker & Dunlop Lines Up $131M for Long Island City Development

Walker & Dunlop’s New York Capital Markets team arranged a $131-million construction loan for 23-10 42nd Rd., a 35-story residential development located at the convergence of the Court Square and Queens Plaza subdistricts in Long Island City. The 240-unit project is slated for a summer 2025 completion. 

The team represented the sponsor, Werwaiss Properties, a multi-generational, family-owned real estate development company, to secure the floating rate construction loan through Corebridge Financial (formerly AIG) and PCCP, LLC. 

The Walker & Dunlop capital markets team representing the sponsor was led by Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland and Michael Diaz. 

“We are thrilled to work with a premier sponsor like Werwaiss Properties to help them capitalize this marquee building,” said Jonathan Schwartz, senior managing director at Walker & Dunlop. “In this challenging capital markets environment, we thank PCCP and Corebridge for recognizing this outstanding opportunity.” 


Inside The Story

Walker & Dunlop's Jonathan Schwartz

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).