Cottonwood Communities, through a wholly owned subsidiary, has made a preferred equity investment of $15 million in an entity that is developing a three-building multifamily apartment community in the Astoria neighborhood of Queens, N.Y.
In connection with its investment, the firm entered a joint venture agreement with two unaffiliated joint venture partners consisting of a publicly traded multifamily REIT as its co-investor in the preferred equity, and a New York–based real estate development, investment and management firm that is the developer of the project and manager of the joint venture. The firms are Cape Advisors and The Pioneer Group, which secured $280 million in debt and joint venture equity for the development of 30–77 Vernon Blvd., reported IREI on Aug. 3.
The total development cost is estimated to be $342 million.
The project is located on a
