Cape Advisors and The Pioneer Group recently secured $280 million in construction financing to complete a new residential complex in Astoria, Queens. Located at 30-77 Vernon Boulevard, the development will comprise a trio of interconnected structures spanning 522,000 square feet along the East River.
As first revealed by Crain’s New York, developers closed on the joint-venture equity and debt package for 30-77 Vernon Blvd. with The Pioneer Group. The deal includes a $225 million loan from Square Mile Capital. In April 2018, Mack Real Estate Credit Strategies provided a $65 million loan to finance acquisition of the project site.
The first building, referred to as Building A, will include 266 apartments. Building B will contain 151 units, and Building C will yield 117 units. All together, the complex will introduce 534 rental apartments.
Residential amenities will include a 3,962-square-foot pool deck, outdoor barbecues, lounge areas, and a multitude of green spaces. Indoor amenities will occupy approximately 13,000 square feet of the complex’s ground floor and include a golf room, a music room, an arcade and party room, coworking spaces, and a communal lounge with views of the East River.
The entire project is designed by architect Fogarty Finger. Renderings show a modern design with a stepped massing on the eastern profile and double-height windows on the upper and lower levels. On the western side that faces the East River, the building’s white-framed grid of windows is punctuated with three quadruple-height vertical sections in a contrasting gray finish with inward-slanting chamfers.
“We’re delighted to be moving forward with this transformative project on the Astoria waterfront,” said Cape Advisors founder and CEO Craig Wood. “In these unusual and trying times, we are thrilled to be working to deliver distinct, high-quality residences to the market with our valued financial partners and development team. The setting feels like a breath of fresh air with its parks, open space and ideal waterfront location.”
As of last year, the property was expected to debut by 2021 and the project team has not indicated a shift in the original construction timeline.