Watermark Capital Group is getting a $70 million loan for the refinancing of its multifamily project, 41-08 Crescent Street — so it can finish the development.

Located in Long Island City, Queens, the building is set to stand 26 stories and feature 184 units — 70 percent of which will be designated as affordable.

Watermark plans to use the refinancing to support the last portions of development and the lease-up for the project. Slate Property Group in collaboration with White Oak Real Estate Capital are providing the loan for the New York City property. The terms of the loan include a floating rate for 20 months.

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