Cape Advisors Lands $55M for Queens Project

Queens, N.Y. Image courtesy of Dquai via Wikimedia Commons

Cape Advisors has scored $55 million in joint venture equity for 30-77 Vernon Blvd., a major three-building apartment project under development in Queens, N.Y. The waterfront property across from Manhattan will bring 534 units to a 2.5-acre site.

JLL Capital Markets worked on behalf of Cape Advisors to secure the financing from an unknown lender. Cape Advisors and its partner, The Pioneer Group, also obtained a $225 million construction loan from Square Mile Capital Management, Commercial Observer reported. Meridian Capital Group arranged the debt.

The partnership led by Cape Advisors acquired the site in early 2018. Plans calls for a high-end amenity package, waterfront views and a landscaped private inner courtyard, according to the developer’s website. Thirty percent of apartments in the Fogarty Finger-designed project will reportedly be affordable. The six- to eight-story buildings will also come with 277 parking spaces.

The property is located within walking distance of a variety of dining, shopping and nightlife options, nearby the Astoria East River ferry stop and the R and W subway lines. Several blocks to the east, Falcon Pacific Builders topped out on a seven-story, 50-unit apartment building at 28-16 21st St. last year.

JLL’s Stephen Palmese, Rob Hinckley, Jeffrey Julien, Nicco Lupo and Steven Rutman, led the team that secured the JV equity for 30-77 Vernon Blvd. Cape Advisors is responsible for nearly $3 billion in residential and commercial development in New York City, including Greenwich West, a new condo tower at 110 Charlton St. in Manhattan’s Hudson Square neighborhood.