Hakimian received a $ 156 million building loan for its Queens residential project, in which nearly a third of the units will be considered affordable housing.
A partnership between Canyon Partners Real Estate and Pacific Western Bank provided financing for the construction of a subsidiary of HG Capital.
Rael Gervis from Meridian Capital Group brokered the construction loan. With funding received, the developer is expected to begin construction in July, with a competition expected in 2024.
The 12-story residential building will offer 364 studio apartments and one to three bedroom layouts, averaging 665 square feet. Canyon Partners told Apartment buildings news that 20 percent of the units will be reserved for those who produce 80 percent of the AMI, and 10 percent of the units for 130 percent of the AMI.
The apartments will be built with luxury finishes, tenant-operated HVAC systems, washers and dryers. The community’s design also includes nearly 20,000 square feet of indoor and outdoor amenities, including a fitness center, tenant lobby, dog park and rooftop terrace. Residents will have access to 195 parking spaces and over 22,000 square feet of retail space that will be part of the building.
Located at 72-01 Queens Blvd., the village will be a few blocks from several MTA subway stations, allowing residents to be within walking distance of lines E, F, M, R and 7. The hotel is also less than 1 mile from Elmhurst Hospital Center and about 1 mile from Queens Center Shopping Mall.
Canyon Partners told MHN that the project is attractive due to its transit-oriented location in an area with strong fundamentals, including employment and population growth. The company also told MHN that the affordable housing component of the project was attractive as Canyon Partners actively invests in similar affordable housing projects in the United States.
BUILDING ON BOTH SIDES OF THE EASTERN RIVER
Rex Hakimian, executive director of purchasing and finance at The Hakimian Organization, said in a prepared keynote that demand for attractive and well-located housing options is growing in New York. Nearby in Queens, the Hakimian organization has also built a 94-unit community at 33-01 38th Avenue and a 45-unit rental block at 41-32 27th Street, both in Long Island City.
The company is also working with Certes Partners and Red Pine Capital Partners on a 113-unit community in the Opportunity Zone in Manhattan’s East Harlem area. The partnership provided $ 59.4 million in financing for development for a residential project in May.