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Wells Fargo backs $175M construction loan for 429 units in Astoria
The mixed-income Queens project will include 107 permanently affordable units, plus 4,000 square feet of retail space.
Domain Companies has secured $175 million in construction financing for Elara, a two-building, 429-unit mixed-income residential development in the Astoria neighborhood of Queens, Commercial Observer reported.
Wells Fargo provided the construction debt, while Domain Companies contributed an undisclosed amount of equity alongside Canyon Partners Real Estate and BLDG Management, with JLL Capital Markets arranging the transaction.
Elara will be split between Elara East, an 18-story building with 330 apartments, and Elara West, a 12-story building with 99 apartments. Between the two buildings, the project is set to deliver 107 permanently affordable housing units and 4,000 square feet of retail space.
The planned amenities include fitness centers, co-working spaces, a screening room, and outdoor courtyards, and Elara East will feature a rooftop terrace with views of the Manhattan skyline. Elara West is scheduled to open in February 2028, followed by Elara East in September 2028.