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Blackstone Group lands financing to close on Parker Towers

Berkeley Point Capital provided the debt

Parker Towers at 104-20 Queens Blvd (Credit: RentCafe)

The Blackstone Group has secured $269.1 million in financing from Newmark Knight Frank (AKA Berkeley Point Capital) to close on its acquisition of Parker Towers at 104-20 Queens Blvd, according to TRD+Bloomberg. The mortgage includes an existing $165 million loan and $104.1 million in new financing. 

Flashback: Blackstone Group signed a contract to pay $500 million for the property from the Jack Parker Corporation earlier this year. The Forest Hills complex is comprised of three residential towers, and spans 1,741,458 SF.

Investment Vehicle… Blackstone Property Partners. It’s the same fund that owns Kips Bay Court and Stuy Town. With a clear need for rental alternatives outside of Manhattan, Blackstone sees a major opportunity in Forest Hills. The 1,327-unit complex is around a 30 minute subway ride from Midtown.

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