Slate Property Group has completed an $86.25 million refinancing for Dutch House, a recently developed multifamily property in Long Island City. The 186-unit building is located at 37-05 30th St. and combines residential space with ground-floor retail, positioning the asset as a mixed-use component within its neighborhood. The new financing replaces an existing facility and comes as the property has achieved full lease-up.
Walker & Dunlop Capital Markets Institutional Advisory arranged the refinancing on behalf of Slate Property Group and its partner Avenue Realty Capital. The advisory team was led by Aaron Appel, Jonathan Schwartz, Dustin Stolly, Keith Kurland, Adam Schwartz, and Sean Bastian, reflecting a multi-professional effort to structure and place the debt. Ares Capital Management provided the financing package, which pays off a prior facility from PCCP that the same Walker & Dunlop team had arranged in 2023.
Dutch House was developed by Slate Property Group and Avenue Realty Capital and delivered in early 2022. The property rises eight stories and includes 21,000 square feet of ground-level retail space in addition to its 186 residential units. According to the sponsors, the building is fully leased, underscoring current tenant demand for this particular community and product type within Long Island City.
Commenting on the transaction, Martin Nussbaum, co-founder and principal at Slate Property Group, said the refinancing of Dutch House underscores ongoing demand for high-quality multifamily assets in Long Island City. He noted that with the property fully leased, the asset supports the firm’s conviction in both the quality of the development itself and the underlying strength of the submarket. The refinancing evidences continued lender interest in stabilized multifamily product where occupancy performance has been demonstrated.
The transaction extends the relationship among Slate Property Group, Avenue Realty Capital, Walker & Dunlop, and institutional lenders that have been active on the asset since its initial financing. By retiring the prior PCCP facility with new capital from Ares Capital Management, the sponsors have reset the property’s capital stack while maintaining control of a fully leased, mixed-use multifamily building. The deal highlights how established sponsorship, full occupancy and recent development vintage can support refinancing execution in the current environment for Long Island City multifamily assets.
