Slate, Libremax Capital provide $60.25m loan for completion of condo development in Queens

Slate Property Group, in partnership with LibreMax Capital, announced that it has provided Ming’s Garden Realty with a $60.25 million bridge loan for 26-01 4th Street in Astoria, Queens.

Ming’s Garden Realty, the project’s developer, will utilize the funds for the final stages of construction and sellout of the 13-story, 143-unit condo asset. The two-year, floating rate loan was arranged by Sam Zhang of New Land Capital and is being deployed mid-construction. The project is set to be completed in first quarter 2025.

The site was originally zoned for single-story industrial development before being rezoned by Ming’s Garden Realty for residential use. 26-01 4th Street will feature a mix of units ranging from studio to two-bedroom units, 167 parking spaces and a 40,034-square-foot community facility at its base.

Situated just blocks from the East River waterfront, residents of 26-01 4th Street are near  public parks and a planned public-waterfront esplanad