HFF announces $61.5M financing for mixed-use development in Jackson Heights, Queens
NEW YORK, NY – November 13, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces $61.5 million in construction financing for the development of Roosevelt Parc, a 15-story, transit-oriented, mixed-use development located in the Jackson Heights neighborhood of Queens, New York.
The HFF debt placement team worked on behalf of the borrower, an affiliate of Werber Real Estate, to secure the floating-rate construction loan through Principal Global Investors. The HFF team included managing director Steven Klein and senior director Geoff Goldstein.
Werber Real Estate is developing Roosevelt Parc with Socius Development Group. The development will consist of 154 residential units, 16,557 square feet of retail space, 23,074 square feet of community facility space and a 186-space parking garage. Located at 71-17 Roosevelt Avenue with the residential entrance at 37-46 72nd Street in Jackson Heights, the project is within one block of the Jackson Heights – Roosevelt Avenue subway station, which is the second busiest train station outside of Manhattan and serves the E, F, M, R and 7 lines. The transit-oriented project is also within two miles of major highways, including the Brooklyn-Queens Expressway adjacent to the property as well as Grand Central Parkway and the Long Island Expressway. Designed by Marvel Architects, the building will include more than 40,000 square feet of best-in-class amenities, including a rooftop deck with panoramic views of the Manhattan skyline, movie screening room, state-of-the-art fitness center, children’s playroom, courtyard, lounge areas and 24-hour concierge. Units will feature a mix of studio through four-bedroom floor plans featuring stainless steel appliances, granite countertops, wood flooring and in-unit washers and dryers.
“Werber’s success in assembling a large-scale development site within a high-barrier-to-entry submarket enabled the borrower to obtain favorable construction financing during a time of limited liquidity for large projects,” said Klein.
About Werber Real Estate
Werber Real Estate (“Werber”) has 60 years of experience in real estate. The company has developed and managed residential, commercial and hotel properties. Its current portfolio includes owned and operated commercial properties in Manhattan, Brooklyn, Queens, Westchester and Atlanta. For more information, please visit werber.com.
About Socius Development Group
Socius Development Group is a luxury real estate development firm led by Scott Aaron, specializing in residential and hospitality development in New York and Miami. Socius projects have been featured in multiple lifestyle magazines and on TV, including profiles on CNN, NBC and Bravo. For more information, please visit sociusdev.com.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.