Slate Property Group, in partnership with LibreMax Capital, has granted a $60.25 million bridge loan to Ming’s Garden Realty LLC for the development of 26-01 4th Street in Astoria, Queens. This funding will support the final stages of construction and sale of the 13-story condo complex consisting of 143 units.
The project is expected to be completed by the first quarter of 2025. Slate Property Group previously financed a neighboring project at 26-25 Fourth Street.
According to Daniel Ridloff, managing director at Slate Property Group, their experience in this growing area of Queens has allowed them to capitalize on this opportunity and provide financing for a high-quality housing development that will benefit the community.
This news was originally published on Connect CRE.
