Werwaiss Properties and Rose Associates have plans to develop a 20-story, 157-unit class A multifamily high-rise tower and adjacent retail building located along Court Square in Long Island City, N.Y.
PCCP provided a $20.4 million mezzanine loan.
Ownership completed construction plans in December 2020 and, with the financing and permitting now in place, construction has commenced, with completion anticipated in 2023.
The residential property is being developed as a boutique alternative to the large glass towers prevalent throughout the neighborhood. When complete, it will contain 157 rental units, featuring premium design and condo-level finishes, including elevated ceiling heights and tenant-controlled central air conditioning and heating systems. The building will offer best-in-class amenities for a building of its size, with nearly 14,000 square feet of indoor and outdoor common areas, including a landscaped rooftop terrace, as well as a dedicated amenity
