Walker & Dunlop Lines Up $131M for Long Island City Development
Walker & Dunlop’s New York Capital Markets team arranged a $131-million construction loan for 23-10 42nd Rd., a 35-story residential development located at the convergence of the Court Square and Queens Plaza subdistricts in Long Island City. The 240-unit project is slated for a summer 2025 completion. The team represented the sponsor, Werwaiss Properties, a ... The post Walker & Dunlop Lines Up $131M for Long Island City Development appeared first on Connect CRE.
Walker & Dunlop’s New York Capital Markets team arranged a $131-million construction loan for 23-10 42nd Rd., a 35-story residential development located at the convergence of the Court Square and Queens Plaza subdistricts in Long Island City. The 240-unit project is slated for a summer 2025 completion.
The team represented the sponsor, Werwaiss Properties, a multi-generational, family-owned real estate development company, to secure the floating rate construction loan through Corebridge Financial (formerly AIG) and PCCP, LLC.
The Walker & Dunlop capital markets team representing the sponsor was led by Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland and Michael Diaz.
“We are thrilled to work with a premier sponsor like Werwaiss Properties to help them capitalize this marquee building,” said Jonathan Schwartz, senior managing director at Walker & Dunlop. “In this challenging capital markets environment, we thank PCCP and Corebridge for recognizing this outstanding opportunity.”
The post Walker & Dunlop Lines Up $131M for Long Island City Development appeared first on Connect CRE.
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