Slate Property Group has secured $90 million in construction financing for a mixed-use development in Forest Hills.
Pacific Western Bank arose the senior loan, while Heitman provided the mezzanine loan, which will used to improve construction at 69-65 Yellowstone Boulevard, as per reports.
David Schwartz, co-founder, and principal of Slate Property Group stated in a report to the Forest Hills Post that the firm is bound to supporting the city’s recovery and trying the housing shortage.
The Aufgang Architects-designed structure is growing on the site of a former Key Food at the corner of Yellowstone and Queens boulevards.
The building is due to have 166 rental units, 50 of which will be set aside as affordable accommodations, along with 50,000 square feet of retail space. The retail space has reportedly leased to the new grocer and a bank.