NEW YORK CITY — KS Group and Alma Realty Corp. have received a $300 million construction loan for the development of a mixed-use multifamily project on the East River in the Astoria neighborhood of Queens in New York City.
S3 Capital provided the financing. Henry Bodek of Galaxy Capital secured the loan on behalf of KS Group and Alma Realty, two multifamily developers based in Newark and Long Island City, respectively.
Upon completion, the development will comprise a 26-story tower and three mid-rise buildings totaling 731 residential units. The development will include affordable housing units with the support of a 421a tax abatement, which provides a period of exemption from real estate taxes to projects that meet specific criteria and include a required percentage of affordable housing.
The properties will also feature ground-floor retail space and parking.
Amenities will include a rooftop pool with a landscaped roof deck, fitness center, golf simulator, children’s playroom, indoor and outdoor theaters and a business center.
The development marks Phase I of a larger, multi-phased project dubbed Astoria Cove, which will be located at 8-01, 4-34 and 5-57 26th Ave. in Queens.
YNH Construction will serve as general contractor on the project. Construction is currently underway. A completion date was not disclosed. Additional plans include the improvement of the adjacent waterfront promenade, as well as the addition of public access routes to improve connectivity with the surrounding community.
“The value of this loan is underscored by its unbelievable location,” says Steven Jemal, managing director of origination at S3 Capital. “Sitting directly on the waterfront, the project will offer a fantastic rental proposition for future residents.”
S3 Capital, which is wholly owned by New York City-based Spruce Capital Partners, has originated more than 700 loans totaling more than $6 billion since launching its credit business in 2013.
— Hayden Spiess