Flushing, NY

$37,060,000 First Mortgage

In June 2026, a $37 million first mortgage acquisition and predevelopment loan was provided for a development site located at 30-05 Whitestone Expressway in Flushing, New York. The 82,152-square-foot site is planned for a multifamily development comprising approximately 411,572 zoning floor area square feet of residential space, including affordable housing components pursuant to the 485-x and Mandatory Inclusionary Housing (MIH) programs.

The property is strategically positioned to benefit from the ongoing transformation of Flushing, one of New York City's fastest-growing neighborhoods. The site is located near the $8 billion Willets Point redevelopment, which includes a new soccer stadium, thousands of residential units, retail, hospitality, and entertainment uses. The property also offers convenient access to the Flushing–Main Street subway station, the Long Island Rail Road, LaGuardia Airport, and major regional highways.

The business plan centers on completing the remaining predevelopment work and advancing the project toward construction. The financing provides the sponsor with the capital required to complete key predevelopment milestones and position the project for future vertical development. Upon completion, the project is expected to deliver more than 400,000 square feet of new residential housing in one of New York City's most dynamic and supply-constrained submarkets.