Cape Advisors and Wainbridge Capital secured a $65 million loan to fund their purchase of a waterfront development site in Astoria.
The bridge loan is for 18 months and includes options for extension, and it comes from Mack Real Estate Credit Strategies, according to the Commercial Observer.
The site at 30-77 Vernon Boulevard spans about 522,000 square feet. Cape Advisors and Wainbridge are planning a luxury five-building residential project with 770 affordable and market-rate apartments. Amenities include lounges, a rooftop deck and a fitness center.
Mack is expected to provide construction financing for Cape Advisors and Wainbridge on the project as well.
Cape Advisors purchased the site for $85 million from Shibber Khan’s Criterion Group. It spans almost a full block and is right by the Astoria ferry stop. [CO] – Eddie Small