Slate Property JV Gets $86M Refi for Queens Community
The property came online in 2022 and is fully leased.
Slate Property Group and Avenue Realty Capital have obtained $86.3 million in refinancing for Dutch House, a 186-unit community in New York City. The property, which came online in 2022, is fully leased.
Ares Capital Management provided the loan in a deal arranged by Walker & Dunlop.
The financing replaces a previous credit, which was issued in 2023. PCCP originated the $85 million loan, according to Yardi Matrix information.
Located at 37-05 30th St. in Long Island City, the eight-story Dutch House sits in an Opportunity Zone and Difficult Development Area. It is next to multiple dining and transportation options, with Queensbridge Park and the East River within walking distance. Manhattan is 3 miles northwest.
The unit mix comprises studio, one- and two-bedroom units, with floorplans ranging from 440 to 956 square feet. All apartments include washers and dryers, with some also encompassing patios or balconies. Almost 30 percent of the units are set aside as affordable.
Shared amenities include lobby with concierge services, fitness center, recreation room, pool table and rooftop terrace with barbecue grills. The Dutch House has bike storage, roughly 150 underground parking spaces, as well as 21,000 square feet of ground-level retail.
Senior Managing Directors Aaron Appel, Jonathan Schwartz, Dustin Stolly, Keith Kurland, Adam Schwartz, alongside Senior Director Sean Bastian comprised Walker & Dunlop’s team in this transaction.
Slate Property’s New York City footprint
Slate Property Group owns more than 4,300 units across 22 properties nationwide, with most of its assets in New York City, Yardi Matrix data shows. Close to the Dutch House, the firm owns three other completed communities and one multifamily construction under development.
Earlier this year, Slate Property Group and Avenue Realty Capital acquired 45 White St., a 16-unit community in Manhattan’s Tribeca neighborhood. This marked a second joint venture between the two partners at the time, as they had previously shaken hands on the purchase of 81 Franklin St. in the same area.
