Cape Advisors and The Pioneer Group have secured $280 million in debt and joint venture equity for the development of 30-77 Vernon Blvd., a three-building rental property on Astoria’s waterfront, Queens, NYC, that includes affordable units, reported Commercial Observer.
Located on a 2.5-acre waterfront site overlooking Manhattan, the three-building, 534-unit property is one of the largest multifamily developments in the outer boroughs. The property will comprise 534 apartments — of which 30 percent will be affordable — across three, six-to-eight story buildings and parking for 277 vehicles. Its amenity package is set to include a rooftop pool and grills, a fitness center, resident lounge, and a landscaped courtyard.
