Walker & Dunlop arranges $131 million construction financing for Werwaiss Properties
Long Island City, NY Walker & Dunlop Inc., New York Capital Markets team arranged a $131 million construction loan for 23-10 42nd Rd. a 35-story, residential development situated at the convergence of the Court Sq. and Queens Plaza subdistricts.
The building will be developed with a classic, yet contemporary, curtain wall façade and include 240 designed studio, one-, and two-bedroom apartments. In addition, the project will include more than 15,000 s /f of indoor and outdoor amenities including a triple height fitness center, residents’ lounge with co-working spaces, and roof-level sky lounge and multiple amenity terraces all with views of the Manhattan skyline.
Foundation work was completed in fall 2022 and the project is anticipated to be completed in summer 2025. The site’s superior location provides exceptional western facing views of Manhattan as well as unparalleled transportation access across New York City. Werwaiss Properties has partnered with Albanese Development Corp. to act as their development manager supporting the project.
Walker & Dunlop represented the sponsor, Werwaiss Properties, a family-owned real estate development company to secure the floating-rate construction loan through Corebridge Financial (formerly AIG) and PCCP, LLC.
“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-rate and attainable housing options in New York City,” said Brian Haber, a managing director with PCCP.
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,” said Schwartz, senior managing director, Walker & Dunlop. “In this challenging capital markets environment, we thank PCCP and Corebridge for recognizing this outstanding opportunity.”
In 2022, Walker & Dunlop’s Capital Markets group sourced capital for transactions totaling nearly $26 billion from non-agency capital providers.