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Ming’s Garden Realty has secured $60.25 million of bridge financing to complete a planned condominium tower in Astoria, Queens.
Slate Property Group and LibreMax Capital provided the two-year, floating-rate loan to fund the final construction stages and selling of the firm’s 13-story, 143-unit condo property at 26-01 Fourth Street. The project is slated for completion in the first quarter of 2025.
“Our experience with this growing section of Queens gave us the expertise needed to leverage this opportunity to provide financing for a high-quality project that will bring much-needed housing to the neighborhood,” Daniel Ridloff, managing director at Slate Property Group, said in a statement.
New Land Capital’s Sam Zhang arranged the transaction.
The condo site was originally zoned for single-story industrial development before Ming’s Garden Realty executed a rezoning for residential usage. The building will feature units ranging from studios to two-bedrooms, plus 167 parking spaces and a 40,034-square-foot community facility.
Officials at LibreMax Capital and Ming’s Garden Realty did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
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