The Hakimian Organization has landed a $156 million construction loan for its residential project in Queens that will have nearly a third of its units designated as affordable housing.
A partnership of Canyon Partners Real Estate and Pacific Western Bank provided the construction financing to the firm’s affiliate HG Capital.
Meridian Capital Group’s Rael Gervis brokered the construction loan. With the financing in place, the developer is expected to start construction in July for an expected 2024 completion.
The 12-story residential building will offer 364 units in studio and one- to three-bedroom floorplans that average 665 square feet. Canyon Partners told Multi-Housing News that 20 percent of the units will be reserved for those making 80 percent AMI and 10 percent of the units at 130 percent AMI.
The units will be built with luxury finishes, tenant-controlled HVAC units and washers and dryers. The community’s design also calls for nearly 20,000 square feet of indoor and outdoor amenity space including a fitness center, tenant lounge, dog park and rooftop terrace. Residents will have access to 195 parking spaces and more than 22,000 square feet of retail space that will be part of the building.
Located at 72-01 Queens Blvd., the community will be a few blocks away from several MTA subway stations, giving residents a short walk to the E, F, M, R and 7 lines. The property is also less than a mile away from the Elmhurst Hospital Center and roughly a mile away from the area’s mall, Queens Center.
Canyon Partners told MHN that the project was appealing due to its transit-oriented location in a neighborhood 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 has been actively investing in similar affordable housing projects across the U.S.
BUILDING ON BOTH SIDES OF THE EAST RIVER
Rex Hakimian, executive director of acquisition and finance at The Hakimian Organization, said in prepared remarks that there is growing demand for attractive and well-located housing options in New York City. Nearby in Queens, The Hakimian Organization also developed a 94-unit community at 33-01 38th Ave. and a 45-unit rental community at 41-32 27th St., both in Long Island City.
The company is also working with Certes Partners and Red Pine Capital Partners on a 113-unit community in an Opportunity Zone within Manhattan’s East Harlem neighborhood. The partnership secured $59.4 million in development financing for the residential project in May.