Rose JV Wins $ 76 Million Funding Agreement for New PFR Development
A joint venture between Werwaiss Properties and Rose Associates has secured $ 76 million in financing for the construction of a 20-story, 157-unit Class A multi-family tower and adjacent retail building along Court Square in Long Island City, NY.
PCCP, LLC provided a $ 20.4 million mezzanine loan paired with a $ 55.6 million senior loan from JP Morgan, for a total of $ 76 million in construction financing.
The New York team of Walker & Dunlop led by Jonathan Schwartz, Keith Kurland, Adam Schwartz and Aaron Appel advised and negotiated the debt.
“PCCP is pleased to loan an experienced, long-term-focused borrower for this new development, a carefully designed, multi-family condo-level development in one of New York’s most transit-rich neighborhoods,” said Brian Haber of PCCP.
“JP Morgan is proud to work alongside PCCP to provide capital for the construction of this artfully designed residential tower in a vibrant neighborhood with easy access to public transportation,” added Greg Reimers, Northeast Market Manager of JP Morgan Real Estate Banking. “We are committed to investing in New York City and are excited to work with local industry leaders like Rose Associates and Werwaiss Properties to help create homes at market and labor-intensive rates. that contribute to the strength and dynamism of the community. “
The property completed construction plans in December 2020 and, with financing and permits now in place, construction has started and completion is expected in 2023.
The residential property is being developed as a boutique alternative to the large glass towers that are prevalent throughout the neighborhood.
When complete, it will contain 157 rental units, featuring high-end design and condo-level finishes, including high ceiling heights and tenant-controlled central air conditioning and heating systems. The building will offer nearly 14,000 s / f of indoor and outdoor common spaces, including a landscaped rooftop terrace as well as a dedicated amenity floor with double-height residents’ lounge, bookable dining room, meeting rooms. -working and conference room, games room and fitness center, all open onto a second large landscaped outdoor terrace.
In addition, the project will provide approximately 10,000 s / f of retail space on the ground floor.
The commercial building will have a frontage on both Jackson Avenue, the district’s main commercial thoroughfare, and 44th Drive, with the residential tower having its entrance on quieter Thomson Avenue, across from the iconic Long Island City Courthouse and from adjacent Court Square Park.
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