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Domain Companies secures $175.6M Wells Fargo financing for Astoria project
The mixed-income development will add 429 apartments across two buildings, including 107 permanently affordable homes.
Domain Companies has closed on $175.6 million in financing with Wells Fargo for a new mixed-income housing project in Astoria, Queens, according to ConnectCRE.
The development, called Elara, will deliver 429 apartments in two buildings, Elara East and Elara West. Elara East will include 330 apartments in an 18-story building, while Elara West will add 99 apartments in a 12-story building.
ConnectCRE reports that the project includes 107 permanently affordable homes. The buildings are planned for addresses at 35-45, 35-33 and 35-42 41st St.
Elara West is anticipated to open in February 2028, with Elara East expected to start in September 2028. The equity partners on the deal are Canyon Partners Real Estate and BLDG Management, and JLL Capital Markets brokered the financing through Chris Peck and Nicco Lupo.