Slate Property Group Closes on $86M Refi for LIC Apartments
Slate Property Group has closed on an $86.25-million refinancing for Dutch House, a 186-unit multifamily property located at 37-05 30th St. in Long Island City. Walker & Dunlop Capital Markets Institutional Advisory, led by Aaron Appel, Jonathan Schwartz, Dustin Stolly, Keith Kurland, Adam Schwartz and Sean Bastian, represented Slate and Avenue Realty Capital in arranging the refinancing. Ares Capital Management provided the financing package, which will retire a PCCP facility previously arranged by the same Walker & Dunlop team in 2023.
Developed by Slate and its partner Avenue Realty Capital in early 2022, Dutch House is an eight-story multifamily building featuring 21,000 square feet of retail at ground level. The development is fully leased.
“The refinancing of Dutch House reflects continued strong market demand for best-in-class multifamily in Long Island City,” said Martin Nussbaum, co-founder and principal at Slate. “With the property fully leased, this asset continues to validate our conviction in both the quality of the development and the strength of this submarket.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout