Watermark Secures $105M for Queens Community
The note retires a construction loan issued in 2024.
Watermark Capital Group has secured a $105 million refinancing loan for The Pecora, a 184-unit upscale community in Queen’s Long Island City neighborhood.
Walker & Dunlop Investment Partners provided the financing in a transaction brokered by Arrow Real Estate Advisors.
The newly delivered property benefits from a 421-a tax abatement, as it also features affordable residences. The ownership plans to use the note to stabilize Pecora’s leasehold interest.
The refinancing retires a previous 20-month, $70 million construction financing package issued by Slate Property Group in December 2024.
A luxury high-rise across the East River
Rising 26 stories at 41-10 Crescent St., The Pecora features 43 studios, 101 one-bedroom apartments and 40 two-bedroom residences ranging from 481 to 992 square feet. Out of the total number of units, 56 are designated as affordable. Shared amenities include a fitness center, clubhouse, rooftop terrace, children’s playroom and screening room, as well as a covered parking area with 41 spots and 9,000 square feet of retail space.
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The community is just off Queensboro Bridge, some 3 miles east of Central Park. There are two subway stations within one block of the property, crossed by several lines, including the F, R and 7 trains.
Arrow Real Estate Advisors Founder & Managing Partner Morris Betesh, Senior Director Israel Mermelstein, Senior Vice President Omar Ferreira, Associate Jacob Petrovic and Analyst Jonah Schultz arranged the deal on behalf of the ownership.
Headquartered in Brooklyn, the majority of Watermark Capital Group’s properties are located in King’s County. Last year, the company secured a $125 million senior construction loan for the office-to-residential conversion of 175 Pearl St., as well as $210 million in financing for the development of a 28-story, 497-unit community at 6208 Eighth Ave., in Brooklyn’s Sunset Park.
