Werber and Socius Development win financing for mixed-use Queens scheme

Werber and Socius Development win financing for mixed-use Queens scheme

Published at: 2017-11-14 15:31 | Author: CIJ USA
Werber Real Estate and its development partner Socius Development Group have secured a $61.5 million construction loan for the mixed use scheme Roosevelt Parc. Located in the Jackson Heights neighborhood of Queens on Roosevelt Avenue, the plans call for 154 residential units, 16,557 square feet of retail space, 23,074 square feet of community facility space and a 186 space parking garage. Designed by Marvel Architects, the building will feature a rooftop deck with panoramic views of the Manhattan skyline, movie screening room, children’s playroom, and 24-hour concierge service. Holliday Fenoglio Fowler sourced the floating-rate construction loan through Principal Global Investors. The HFF team included managing director Steven Klein and senior director Geoff Goldstein. “Werber’s success in assembling a large-scale development site within a high-barrier-to-entry submarket enabled the borrower to obtain favorable construction financing during a time of limited liquidity for large projects,” said Klein.

Similar Stories:

Trinity Place Holdings secures $68m to buy resi project in Brooklyn
The Canadian Imperial Bank of Commerce has granted a $68m loan to Trinity Place Holdings f  »
Sandero Verde complex in East Harlem set for expansion
Jonathan Rose Companies has filed plans to build a 384-unit mixed-use building in East Har  »
Melo Group secures $85m for Art Plaza Apartments
Melo Group secured a $85m construction loan from Ocean Bank for the development of Art Pla  »
GreenPointe breaks ground on $1bn mixed-use project in Florida
GreenPointe Communities has started infrastructure work for its new mixed-use scheme in Sa  »
OPEC is back to its squabbling ways. But investors who are b  »
OPEC is back to its squabbling ways. But investors who are b  »
David Bassanese of BetaShares Capital says the general trend  »
David Bassanese of BetaShares Capital says the general trend  »