Mack Real Estate provided the acquisition financing
Cape Advisors and Wainbridge Capital have closed on the development site at 30-77 Vernon Boulevard from Shibber Khan’s Criterion Group for $85 million, according to TRD. The site is located on the Astoria waterfront and allows for the construction of around 522,132 square feet.
Financing Details: Mack Real Estate provided a $65 million bridge loan, which has an 18-month term with extension options. At $162 per buildable foot, Cape will build rentals.
Worth Noting: Slate Property Group paid $222 per buildable foot for a nearby development site at 37-11 30th Street where they plan to build a 200-unit rental.
Flashback: Criterion paid $57 million for the site in 2014 from Vernon Realty Associates. Job well done!