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| Rendering of planned apartments at 30-38 29th Street, Astoria neighborhood, Queens, NY |
Palm Beach, FL and Astoria,
Queens, NY ––Trez
Forman Capital Group continued its successful
year by completing its first transaction in New York. The private lender closed
a construction loan for a multifamily redevelopment in the Queens neighborhood
of Astoria.
The
nearly $7 million loan will fund the construction of a 20-unit luxury rental
building at 30-38 29th St. A condemned single-family home is presently located
on the property.
“We
are thrilled to successfully expand into New York through this transaction,”
said Forman. “Our team is aggressively monitoring the market for additional
opportunities in New York and throughout the tri-state area.”
The
Astoria luxury apartment building will have various cutting-edge amenities,
such as a virtual doorman and package locker – a feature that should be in
heavy demand as Amazon opens a brand-new headquarters in Queens.
Other features
include a roof deck, on-site storage cages, bike storage, laundry facilities
and 10 underground parking spaces.
Individual
units will have wood floors, quartz countertops, stainless steel appliances and
high ceilings.
For
Trez Forman, a joint venture formed in 2016 by Palm Beach-based Forman Capital
and Vancouver-based Trez Capital Group - one of Canada’s largest private
commercial mortgage lenders, the latest activity continues the momentum from a
busy first 10 months of the year. The venture is on track to close more than a
$500 million in deals in 2018.
CONTACTS:
Eric
Kalis
Account
Director, BoardroomPR
O 954-370-8999
C 305-794-5123
Bank
of America Plaza | 1776 N Pine
Island Road
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