Walker & Dunlop’s New York Capital Markets team arranged a $131 million construction loan for a 35-story residential development situated at the convergence of the Court Square and Queens Plaza subdistricts in Long Island City, NY – one of the fastest growing neighborhoods in America.
Foundation work was completed in Fall 2022, and the project is anticipated to be completed in Summer 2025. The site’s location provides exceptional western-facing views of Manhattan as well as transportation access across New York City. Werwaiss Properties has partnered with Albanese Development Corporation to act as its development manager supporting the project.
Walker & Dunlop represented the sponsor, Werwaiss Properties, a multi-generational, family-owned real estate development company, to secure the floating rate construction loan through Corebridge Financial (formerly AIG) and PCCP.
“PCCP is pleased to work alongside Corebridge Financial to provide capital to Werwaiss Properties, a long-term oriented repeat PCCP borrower, for this thoughtfully conceived residential tower in one of New York’s most rapidly growing, transit-rich neighborhoods. We’re proud to work with experienced developers to help create additional market rates and attainable housing options in New York City,” Brian Haber, managing director with PCCP, said.
The Walker & Dunlop capital markets team, representing the sponsor, was led by Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland and Michael Diaz.
“We are thrilled to work with a premier sponsor like Werwaiss Properties to help them capitalize this marquee building,” Schwartz, senior managing director at Walker & Dunlop, said. “In this challenging capital markets environment, we thank PCCP and Corebridge for recognizing this outstanding opportunity.”
