February 8, 2017 Comments Off on $38M Loan Spurs More Queens Apartments Views: 252 New York News, Outer Boroughs New York

$38M Loan Spurs More Queens Apartments

Apartment developers keep adding new projects to the pipeline. Piermont Properties took out a $38.5 million senior construction loan to build a 176,130-square-foot, mixed-use development at 178-02 Hillside Ave. in the Jamaica neighborhood of Queens, NY.

“Jamaica is in the midst of a large-scale transformation following a major rezoning of 368 blocks, and significant public and private investment in the area’s transportation hub,” said Adam Hakim, managing director for Eastern Consolidated, which arranged the financing. “A number of mixed-use developments are underway and further investment is expected.”

The eight-story building will include 131 apartments over 10,000 square feet of retail space already leased to a major pharmacy chain, and 25,000 square feet of medical offices.

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