Domain Lines Up $176M Financing for Mixed-Income Astoria Rentals
The Domain Companies has closed on $175.6 million in financing with Wells Fargo for a new mixed-income housing project called Elara, which will deliver 429 new apartments in Astoria, Queens. Domain’s equity partners on the deal are Canyon Partners Real Estate and BLDG Management. The financing was brokered by Chris Peck and Nicco Lupo of JLL Capital Markets.
“Astoria is one of New York’s most vibrant and culturally rich neighborhoods, and it has long held a special place in Domain’s history,” said Matt Schwartz, co-CEO of Domain Companies.“We’re proud to deepen that connection by delivering a thoughtfully designed residential community that reflects the character of the neighborhood while offering one of the highest-quality living experiences in the market.”
The project includes an 18-story building with 330 apartments called Elara East, and a 12-story building with 99 apartments named Elara West. The development includes 107 permanently affordable homes. The buildings are located at 35-45, 35-33 and 35-42 41st St., with Elara West anticipated to open in February 2028, and Elara East expected in September 2028.
Stay ahead of the multifamily market at Connect Apartments. Gain firsthand insights from industry leaders on capital markets, development, operations, financing, and investment trends while expanding your network with the people making deals happen. See you on September 22!
Other News
Lewis Group Opens Second NorCal Rental-Home Community in West Sacramento
Independence in West Sacramento, a new gated community of 208 townhome-style rental homes developed by Lewis Apartments, opened its leasing office and model homes to the public on Saturday, Oct. 24. Located in West Sacramento’s Southport/Bridgeway Island area, Independence introduces rental homes designed for residents who want the space and privacy of a single-family home...
Learn more
CBRE Arranges Sale of Future Mixed-Use Development in Wisconsin
CBRE announced the sale of a 4.66-acre parcel at the northwest corner of County Highway MM and U.S. Highway 14 in Fitchburg, Wisconsin. Louisville, Kentucky-based Trilogy Real Estate Fitchburg LLC purchased the property from Fairchild Development LLC for $2.23 million, marking the company’s third location in the Madison market and expanding its footprint beyond its...
Learn more
Northmarq Arranges $96M Refi on SoCal Apartment Portfolio
Northmarq has arranged $95.8 million in refinancing for a six-property, 1,461-unit multifamily portfolio owned and operated by E&S Ring across Los Angeles and San Bernardino Counties. The financing was arranged through Voya Investment Management by Northmarq’s San Francisco Debt + Equity team, led by managing director Nathan Prouty, SVP Andrew Slaton and senior investment anaylst...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout