Ming’s Garden Realty Lands $60M Bridge Loan for Queens Project
Slate Property Group provided financing backing the 143-unit development in Astoria.
The project is expected to reach completion in early 2025. Image courtesy of Lu Ning Architecture
Ming’s Garden Realty has secured a nearly $60.3 million bridge loan that will go towards completing construction of 26-01 4th St. in Queens. Slate Property Group and LibreMax Capital provided the two-year, floating-rate loan, which was arranged by New Land Capital’s Sam Zhang.
The developer will use the funds for the final stages of construction and sales at 26-01 4th St. Ming’s had previously secured a $50 million construction loan from Parkview Financial for the property. The project, which broke ground in 2021, is still under construction and is scheduled to be completed in the first quarter of 2025.
While the site was originally zoned for single-story industrial developments, Ming’s Garden Realty successfully rezoned the site for residential use. When completed, the 13-story condominium project will offer 143 units in studio and one- and two-bedroom floorplans averaging 743 square feet. The units will be built with hardwood floors, granite countertops, and in-unit washers and dryers, while the community’s amenities include a gym, rooftop terrace and a 40,000-square-foot community facility at the ground level.
The property’s location puts it a few blocks away from the East River waterfront, a public waterfront esplanade, as well as near public parks and many retail and restaurant options. Residents will also have easy access to Manhattan via the ferry, the 30 Ave. subway stop and numerous bus stops.
Experience with a neighboring project
Slate had previously provided a $65.9 million construction loan for the ground-up construction of 26-25 4th St., located next door to 26-01. Bruman Realty used the financing to develop a 165-unit residential tower, before paying it off in the fourth quarter of 2023, according to Slate. More recently, SCALE Lending, the debt financing arm of Slate, provided a $142 million construction loan to Sutphin Boulevard Equities to complete a 521-unit community in Queens’ Jamaica neighborhood.
Slate’s portfolio includes more than 50 investments across equity and debt strategies. While the company does offer many financing solutions for residential developments, Slate also invests in market-rate acquisitions and developments. In October, the company topped out on a 162-unit community in Brooklyn’s East Williamsburg neighborhood that is expected to be completed in the summer of 2025.
