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Werber Receives $61.5 Million Loan for Jackson Heights Development

Architectural rendering of Roosevelt Parc in Jackson Heights, Queens

NEW YORK CITY—Werber Real Estate is constructing Roosevelt Parc, a 15-story, transit-oriented, mixed-use development in Jackson Heights, Queens, with Socius Development Group. Werber received a $61.5 million construction loan to develop property consisting of 154 residential rental units, 16,557 square feet of retail space, 23,074 square feet for a community facility, and a 186-space parking garage.

Located at 71-17 Roosevelt Ave. with the residential entrance at 37-46 72nd St., the project is within one block of the Jackson Heights – Roosevelt Avenue subway station, which is the second busiest train station outside of Manhattan. The transit-oriented project is also within two miles of the Brooklyn-Queens Expressway, Grand Central Parkway and Long Island Expressway.

Holliday Fenoglio Fowler secured the floating-rate construction loan through Principal Global Investors. The HFF team included managing director Steven Klein and senior director Geoff Goldstein.

“Werber’s success in assembling a large-scale development site within a high-barrier-to-entry submarket enabled the borrower to obtain favorable construction financing during a time of limited liquidity for large projects,” says Klein.

Designed by Marvel Architects, the building will feature units of studios and up to four-bedroom floor plans, with stainless steel appliances, granite countertops, wood flooring and in-unit washers and dryers. It will include a rooftop deck, movie screening room, fitness center, children’s playroom, courtyard, lounge areas and 24-hour concierge. Construction is anticipated to be completed by the third quarter of 2018.

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