Pearlmark, in partnership with SFO Capital Partners, announced that it closed on a $27 million mezzanine debt investment to refinance Vista 65, a mixed-use property consisting of 186 multifamily units, 86,500 square feet of commercial space, and a parking garage in Queens, N.Y. The property is in the Rego Park neighborhood of Queens, with easy access to major subways, public transportation and New York City’s airports.
The investment was originated and structured on behalf of Pearlmark Mezzanine Realty Partners V. The senior loan was provided by Värde Partners, a repeat senior lending partner of Pearlmark. The property is owned and developed by RB Realty Capital, a real estate development company based in Queens. Galaxy Capital arranged the transaction.
Situated on Queens Boulevard in Rego Park, Vista 65 is a newly delivered, 22-story, mixed-use property that benefits from both the 421-a and ICAP tax-abatement programs. The property includes a gym, yoga room, childr
