Affiliates of Cantor Fitzgerald L.P. and Silverstein Properties Inc. announced the closing of construction financing for 44-01 Northern Boulevard, a project that Cantor Silverstein Opportunity Zone Trust Inc. is invested in.
Cantor and Silverstein launched an opportunity zone business in early 2019 to invest in, develop, redevelop, and manage a diversified portfolio of institutional quality commercial real estate assets.
Cantor Fitzgerald and Silverstein arranged a $165 million construction loan from Banco Inbursa for the development of a 354-unit multifamily property located on a 63,000-square-foot lot in the Astoria neighborhood of Queens, New York City.
“As developers of outstanding projects, we are excited to be part of Astoria’s vibrant future by offering residents a premier property with market-rate and affordable housing as well as a host of amenities,” Marty Burger, chief executive officer of Silverstein Properties, said. “We’ve gotten to know many incredible people in this community over the past few years through our planning for Innovation QNS, and that’s why we believe so strongly in Astoria.”
According to Cantor Fitzgerald, the development allocates 25% of the rental units as affordable housing and will include 25,000 square feet of retail. Silverstein Properties, developer for the project, commenced construction in the first quarter of 2022 and says the foundation work is near completion. The building is expected to welcome residents in the first quarter of 2024.
“In an environment of cautious construction lending and inflation hikes increasing the cost of debt, making it more expensive to borrow money, we appreciate Banco Inbursa’s recognition of the strength of the Cantor Fitzgerald and Silverstein partnership and the quality of this asset,” Chris Milner, head of real estate investment management at Cantor Fitzgerald Asset Management, said. “We are thrilled to have completed this transaction and to move forward with the construction of 44-01 Northern Boulevard.”
The building will include a mix of one- and two-bedroom units with approximately 200 parking spots. Amenities include a gym, yoga studio, children’s playroom and resident lounge. On the 10th floor, the building provides panoramic views of the Manhattan skyline from the co-working lounge, library and kitchen leading out to a rooftop deck.
Cantor Fitzgerald is an investment bank serving more than 5,000 institutional clients around the world. Silverstein Properties is based in New York and has developed, owned, and managed more than 40 million square feet of commercial, residential, retail and hotel space.
Silverstein Properties is a privately held, full-service real estate development, investment and management firm based in New York. The company has developed, owned, and managed more than 40 million square feet of commercial, residential, retail and hotel space.