Slate Property Group announced that, in partnership with White Oak Real Estate Capital, it has provided Watermark Capital Group with a $70 million construction loan for its multifamily development at 41-08 Crescent Street in Long Island City, Queens, N.Y.
Watermark Capital Group, the project’s developer, will utilize the funds for the final stages of construction and lease-up of the 26-story, 184-unit multifamily asset. The 20-month, floating-rate loan was arranged by Skyline Capital and is being deployed mid-construction. Watermark Capital Group will be self-performing construction through an affiliate entity, WMCM, and the project is set to be competed in spring 2026.
41-08 Crescent Street has been vested into the Affordable NY 421a program, and 70 percent of the project’s units are designated as affordable. The 192,000-square-foot development will feature a mix of units ranging from studios to three-bedrooms, with select units featuring private outdoor terraces.
