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Cantor Fitzgerald, Silverstein Properties close $165m construction loan for affordable apartment OZ project
Transactions - MARCH 1, 2023

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Cantor Fitzgerald, Silverstein Properties close $165m construction loan for affordable apartment OZ project

by Released

Affiliates of Cantor Fitzgerald and Silverstein Properties have closed on construction financing for 44-01 Northern Boulevard in New York City, a project in which Cantor Silverstein Opportunity Zone Trust is investing in.

Cantor Fitzgerald and Silverstein arranged a $165 million construction loan from Banco Inbursa for the development of a 354-unit multifamily property located on a 63,000-square-foot lot in the Astoria neighborhood of Queens.

The development allocates 25 percent of the rental units to affordable housing and will include 25,000 square feet of retail. Silverstein Properties, developer for the project, began construction in spring 2022 and foundation work is nearing completion. The building is expected to be open to residents in spring 2024.

“As developers of outstanding projects, we are excited to be part of Astoria’s vibrant future by offering residents a premier property with market-rate and affordable housing as well as a host of amenities

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