【NYC Real Estate】Ares Capital Provides $86.25M Refinancing for Dutch House Multifamily Property in Long Island City
- ARCFE U.S.
- 14 hours ago
- 2 min read
The Long Island City residential market continues to attract premier global financial institutions as a high-performing multifamily asset secures a substantial refinancing package. Prominent developers Slate Property Group and Avenue Realty Capital have successfully secured an $86.25 million loan to refinance Dutch House, an eight-story premium multifamily property located in Long Island City, Queens.
The substantial debt package was provided by Ares Capital Management, one of the world's leading alternative investment managers. The transaction was arranged by the top-tier Walker & Dunlop debt brokerage team, including Aaron Appel and Dustin Stolly. The new financing retires a previous 2023 refinancing facility provided by PCCP, representing a highly successful capitalization milestone for the developers.
Located at 37-05 30th Street, Dutch House opened its doors in 2022 and consists of 186 modern rental units ranging from studios to two-bedroom apartments, with 56 units dedicated to affordable housing. The complex also features 21,000 square feet of prime ground-floor retail space. Martin Nussbaum, co-founder and principal at Slate Property Group, highlighted that the property is fully leased, which demonstrates the exceptionally strong demand and stellar performance of the Long Island City submarket.
For EB-5 investors, this transaction offers powerful proof of Long Island City's outstanding real estate fundamentals. The fact that a world-class institutional asset manager like Ares Capital is actively deploying significant debt capital into a fully leased Long Island City multifamily project underscores the area's low-risk profile and high growth potential. It confirms that the submarket remains a top destination for elite global capital, ensuring exceptional security for real estate developments in the region.
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.
