JV Equity Secured for 534-Unit Multifamily Project in Queens
JLL Capital Markets secured $55 million for Cape Advisors’ 2.5 acre waterfront development in Astoria.
NEW YORK CITY – JLL Capital Markets has secured $55 million in joint-venture equity on behalf of Cape Advisors for a 534-unit, multi-housing development in Queens’ Astoria neighborhood.
Serving as one of New York City’s largest multifamily developments, the project comprises three buildings on a 2.5 acre waterfront site. Located at 30-77 Vernon Blvd., the development is situated near public transportation options including the Astoria East River ferry stop, the R and W subway lines and various bus lines.
The development site was acquired by a partnership led by Cape Advisors, in early 2018.
The project is slated for completion in 2021.
The JLL Capital Markets team, led by vice chairman, Stephen Palmese, managing directors, Rob Hinckley and Jeffrey Julien, VP, Nicco Lupo and senior director, Steven Rutman, represented the borrower, Cape Advisors in securing the equity.
“30-77 Vernon Boulevard is uniquely positioned to accommodate New York City renters seeking abundant space, top of the line amenities and extraordinary waterfront views,” states Hinckley.
“Overlooking the East River and Manhattan, the property offers the best of Astoria and easy access to all of New York City from the adjacent ferry stop,” says Palmese.
