Cape Advisors and The Pioneer Group have secured a $225 million construction loan from Square Mile Capital for the development of 30-77 Vernon Boulevard. Denver-based UDR, through its Developer Capital Program joined as JV partner by providing $55 million in equity, CO first reported.
- Plans: Upon completion, the three-building rental property on Astoria’s waterfront will consist of 534 apartments (30 percent will be affordable) across three, six-to-eight story buildings, and 277 parking spaces.
- Worth Noting: Mack Real Estate Credit Strategies provided a $65 million loan to finance Cape Advisor’s acquisition of the block-through waterfront development site in April 2018. [CO]