Long Island City development moves forward with $70M loan for 26-story building
Summary
The real estate developer Slate Property Group announced that it has partnered with White Oak Real Estate Capital to provide a $70 million construction loan to Watermark Capital Group for the development of a 26-story, 184-unit multifamily building at 41-08 Crescent St. in Long Island City.Watermark Capital Group, the developer of this project, will use the loan funds to complete the final stages of construction and lease the building.This floating rate loan, which was deployed in the middle of construction, covers 20 months of work. The project is expected to be completed in Spring 2026.Northwest Queens growing residential neighborhoods are desperate for more high-quality housing such as 41-08 Crescent, Slate Property Group Managing Director Daniel Ridloff said. Watermark Capital Group has a stellar development track record in New York City, and Slate is thrilled to add to the $250 million in financing weve deployed over the past six months to help this much-needed multifamily project over the finish line. The Queensboro Plaza subway station, which services the 7, N, and W lines, is just steps away from 41-08 Crescent St. Additionally, the Queens Plaza subway station, which services the E, M, and R trains, is also situated nearby.Queensbridge Park is within walking distance of 41-08 Crescent St., providing future residents of the development with convenient access to explore the park. The neighborhood also features plenty of restaurants and hospitality options.We are excited to partner with Slate on financing this high-quality project and look forward to the successful completion of Watermarks latest addition to the New York City rental market, White Oak Real Estate Managing Principal Eric Tanjeloff said.Slate Property Group had previously financed two adjacent projects at 26-01 4th St. and 26-25 4th St. in neighboring Astoria.