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Wells Fargo Provides $175M Construction Loan for Queens Mixed-Use Development
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Commercial Observer
The Domain Companies has secured $175 million in construction financing to build Elara, a two-building, 429-unit mixed-income housing development in the historic Astoria neighborhood of Queens, Commercial Observer can first report.
Wells Fargo provided the construction debt, while Domain Companies contributed an undisclosed amount of equity into the deal together with Canyon Partners Real Estate and BLDG Management.
In a statement, Jacob Feingold, partner and head of originations at Canyon Partners Real Estate, cited Astoria’s ongoing population growth and The Domain Companies’ experience building in the area.
Matt Schwartz, co-CEO of Domain Companies, called Astoria “one of New York’s most vibrant and culturally rich neighborhoods,” in a statement.
Elara West is scheduled to open in February 2028, while Elara East is set to open a few months later in September 2028.