Sutphin Boulevard Equities Lands $142M for Queens Project

Slate Property Group provided the floating-rate loan.

Sutphin is developing a 521-unit multifamily asset in Queens, N.Y.

The 24-story apartment building will also comprise 1,231 square feet of retail space. Image courtesy of SCALE Lending

Sutphin Boulevard Equities LLC has obtained $142 million in financing for the final construction stages of a 521-unit community in Queens, N.Y. SCALE Lending, the debt financing arm of Slate Property Group, provided the 30-month, floating-rate loan which also includes two six-month extension options. SHB Group President Steven Hersko secured the deal.

The 24-story development rises at 147-35 95th Ave. in Jamaica, with completion expected next summer. J Frankl Architects provided architecture services, Heartfelt Townhouse Builders is the general contractor and Thorton Tomassetti is the structural engineer. The project is eligible for a 421-a tax abatement.

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Upon delivery, the community will feature studio, one- and two-bedroom floorplans, as well as 1,231 square feet of retail space. Common-area amenities are set to include a fitness center, yoga room, children’s playroom and business center, along with conference rooms, a game room and a theater room. The property will also have 363 parking spaces.

The development is close to several transportation centers, such as the Long Island Rail Road and Sutphin Boulevard-Archer Avenue-JFK Airport subway station, connecting the community to Manhattan and Brooklyn. The property is also near numerous dining options, including the restaurants on Jamaica Avenue.

Slate Property Group’s recent New York deals

Earlier this year, Slate Property Group, in partnership with Avenue Realty Capital, obtained an $85 million loan for a residential building in Long Island City, N.Y. Proceeds were used to retire an existing construction financing facility.

In June, the firm has broken ground on a $146 million affordable project in Brooklyn. The 216-unit community will come online in the summer of 2025.

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