Walker & Dunlop arranges $131m construction financing for Long Island City residential tower

Walker & Dunlop has arranged a $131 million construction loan for 23-10 42nd Road, a 35-story residential development situated at the convergence of the Court Square and Queens Plaza subdistricts in Long Island City, N.Y.

The building will be developed with a classic yet contemporary curtain-wall façade and include 240 studio one-and two-bedroom apartments featuring premium unit finishes. The project also will include more than 15,000 square feet of indoor and outdoor amenities, including a triple-height fitness center, a residents’ lounge with co-working spaces, a roof-level sky lounge, and multiple amenity terraces, all with views of the Manhattan skyline.

Foundation work was completed in fall 2022, and the project is anticipated to be completed in summer 2025. The site’s superior location provides exceptional western-facing views of Manhattan as well as transportation access across New York City. Werwaiss Properties has partnered with Albanese Development C