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LMXD, BedRock Secure $250M Loan for 560-Unit Astoria Housing Project
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Commercial Observer
LMXD and BedRock Real Estate Partners have closed on a $250 million loan to facilitate the purchase and construction of a housing development in Astoria, Queens, Commercial Observer has learned.
The financing from New York Life Investment Management gets the wheels turning on the development of 560 mixed-income housing units at 35-10 Steinway Street, as well as a new retail location for a P.C.
BedRock and LMXD acquired the site, which includes 35-18 Steinway Street, for $53 million last week.
Richard & Son’s presence in the neighborhood, Silverstein had also planned to enhance studio and theater space for Kaufman Astoria Studios.
Construction on the new development is set to begin this month, with an expected completion date in 2029, the developers said.