【NYC Real Estate】BridgeCity Lends $72.3M on Long Island City Apartments Build
- ARCFE U.S.
- 5 days ago
- 2 min read
According to the latest coverage from the Commercial Observer, Brooklyn-based developer Elmord Management has secured $72.3 million in acquisition and construction financing to construct a brand-new multifamily development in the premier Hunters Point neighborhood of Long Island City (LIC), Queens .
The transaction was originated by prominent real estate lender BridgeCity Capital, providing critical capital for the planned 161-unit mixed-use project at 44-68 Vernon Boulevard . Elmord acquired the development site for $28 million . The parcel, currently occupied by a 1953-built warehouse-style structure, will be transformed into a modern 16-story, 142,697-square-foot apartment building featuring premium ground-floor commercial space .
The property is situated in an exceptionally strategic location, just steps from the waterfront parcel where Amazon had originally planned to construct its massive New York City headquarters (HQ2) before withdrawing in 2019 . Despite Amazon's exit, Long Island City's unrivaled transit connectivity and vibrant neighborhood amenities have solidified its status as NYC's most resilient residential submarket. This new development further echoes the strong regional momentum highlighted by other major local projects, such as the ongoing vertical construction of a 46-story skyscraper in Long Island City.
"This transaction is another example of our ability to structure and execute complex financing solutions efficiently, while continuing to support high-quality development projects across New York City," EJ Ehrlich, director of originations for BridgeCity, said in a press release . As an experienced, New York-based EB-5 Regional Center, ARCFE closely monitors these landmark developments. The continuous influx of institutional capital into LIC not only enhances the local community but also offers solid real estate opportunities for global families seeking permanent residency through the EB-5 Immigrant Investor Program.
Source: Commercial Observer
Disclaimer: Articles published under the "News" category are curated from third-party media sources for informational purposes only. ARCFE does not claim ownership of the original content, nor does it guarantee the accuracy, completeness, or timeliness of the information presented. The views and opinions expressed in these articles are those of the original authors and do not necessarily reflect the position of ARCFE. Nothing contained herein constitutes investment, legal, or tax advice. Readers are encouraged to consult with qualified professionals before making any investment decisions.
