Sutphin Boulevard Equities secures $142m construction loan for 24-story apartment building in Queens
Sutphin Boulevard Equities has announced that it secured a $142 million floating-rate loan to aid the final stages of construction of a 24-story apartment building rising at 147-35 95th Ave. in Jamaica, Queens, N.Y. SCALE Lending, the debt financing arm of Slate Property Group, provided the loan to the project sponsor.
Joel Zupnick, through Sutphin Boulevard Equities, will utilize the floating-rate financing to complete construction, lease-up and stabilization of the 521-unit multifamily asset. The building, which is set for completion in summer 2024, is eligible and on track to secure a 421-a tax abatement.
The 30-month loan, which includes two six-month extension options, was arranged by SHB Group.
147-35 95th Ave. will feature a mix of apartments ranging from studio to two-bedroom units, as well as a host of communal amenities, including a gym and yoga room, children’s playroom, business center and conference rooms, rooftop lounge, game room, theater room,