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LMXD and BedRock secure $250M loan for Astoria mixed-income project
The financing from New York Life Investment Management will support construction of 560 mixed-income units, including 25% set aside for affordable housing at about 60% of area median income.
LMXD and BedRock Real Estate Partners have closed on a $250 million loan to move forward with a housing development in Astoria, Queens, Commercial Observer reports. The financing is provided by New York Life Investment Management, and it is intended to support both the purchase and construction of the project at 35-10 Steinway Street.
The development plan calls for 560 mixed-income units, ranging from studios to three-bedroom apartments, and includes an affordability set aside: 25% of the units will be reserved for households earning an average of 60% of the area median income. The project will also include a new retail location for a P.C. Richard & Son store in the neighborhood, according to the developers.
BedRock and LMXD acquired the site, which includes 35-18 Steinway Street, for $47.7 million last week. JLL arranged the new financing, and the building is set to be designed by Beyer Blinder Belle Architects & Planners with all-electric infrastructure.
Commercial Observer also notes that the project sits on land rezoned through a 2022 Uniform Land Use Review Procedure tied to Silverstein Properties’ defunct Innovation QNS plan. Silverstein backed out of a larger five-block, $2 billion mixed-use project that had envisioned 3,200 new units, leaving BedRock and L+M Development Partners to proceed with a more piecemeal approach.