Canyon Partners & PWB invest $156m in Queens multifamily development

The Hakimian Organization, an affiliate of HG Capital, has received a $156 million construction loan from Canyon Partners Real Estate and Pacific Western Bank for the development of a 364-unit multifamily community in the Woodside neighborhood of Queens, N.Y. The community will include 110 units dedicated as affordable housing. Construction will commence in July 2021 and is expected to be completed in 2024.

The project will feature a 12-story residential building with nearly 20,000 square feet of indoor and outdoor amenity space, including a fitness center, tenant lounge, dog park and a rooftop terrace. Interior units will feature luxury finishes, including washer/dryers in all units and tenant-controlled HVAC units. The property will also include 195 parking spaces and more than 22,000 square feet of retail space.

“This new development will bring a high-quality housing option, along with affordable units, to a desirable neighborhood in Queens,” said Rex Hakimian,