Avison Young arranges $75m construction loan for Cord Meyer’s 145-unit apartment project
Queens, NY Avison Young arranged a $75 million construction loan on behalf of Cord Meyer Development for the construction of two, five-story apartment buildings at the Bay Terrace Shopping Center. The financing was provided by New York Life Investment Management’s Real Estate Investors.
Set to be developed under the 485x tax abatement program on an underutilized upper-level parking area off 26th Ave., the two buildings will feature a mix of one-, two- and three-bedroom layouts, many with private terraces or balconies and select first-floor homes with individual entrances. Below-ground parking will be available for residents along with a comprehensive suite of amenities including rooftop terraces and outdoor gathering areas, resident lounges, a live-in superintendent and a clubhouse designed to support both work-from-home flexibility and community connection. The development will be fully integrated with the Bay Terrace Shopping Center, offering direct, walkable access to grocery shopping, dining, entertainment, fitness, and a wide range of national and local retailers.
Avison Young’s tri-state debt and equity finance team led by principal and co-leads Scott Singer and Andy Singer; executive director Kevin Swartz; senior director Kathleen McSharry and analyst David Brucker represented Cord Meyer Development.
“We generated tremendous competition for this opportunity as lenders recognized the chance to lend on a high-quality multifamily development with strong sponsorship and a compelling location,” said Scott Singer. “Cord Meyer Development’s long-standing presence in Queens over the past 120+ years and the opportunity to add new housing in a dense, infill location at an established destination like Bay Terrace made this an attractive opportunity for New York Life Investment Management.”
Construction is expected to begin this month and continue for an estimated two-year period. The Bay Terrace Shopping Center will remain operational throughout construction, with limited disruption to shoppers.
“The new residences at Bay Terrace reflect a broader shift toward mixed-use development that supports how people live, shop, and gather,” said Joe Forgione, vice president & Bay Terrace project lead at Cord Meyer Development. “We’re excited to bring this next chapter of the Bay Terrace Shopping Center to life.”
The Bay Terrace Shopping Center was built in the early 1960s by Cord Meyer Development on part of a 225-acre farm once owned by Charles G. Meyer, the son of company founder Cord Meyer. Over the past six decades, Cord Meyer Development has continually enhanced and modernized the Bay Terrace to ensure it remains a vital asset and hub of economic activity for Bayside and the Bay Terrace community.
“We’re pleased to begin our relationship with Cord Meyer Development – their track record in New York City and long-term build, operate and hold business model matches well as we continue to provide our customers with financing solutions from construction through stabilization,” said Peter Shea, head of Northeast originations at Real Estate Investors, New York Life Investment Management.