Eastern Consolidated Arranges $38.5 Million Construction Loan for 131-Unit Development on Hillside Avenue in Jamaica, Queens
NEW YORK, NY – February 3, 2017 – Eastern Consolidated’s Capital Advisory Division has arranged a $38.5 million senior construction loan for a 176,130 gross square foot, mixed-use development at 178-02 Hillside Avenue in Jamaica, Queens.
The project will include 131 apartments on floors three through eight; over 10,000 square feet of retail space that will be leased to a national pharmacy brand; a 25,000-square-foot medical office space on the lower level; and a public parking facility.
Eastern Consolidated’s Adam Hakim, Managing Director, Andrew Iadeluca, Associate Director, and James Murad, Director, Financial Services, arranged the transaction with Bank of the Ozarks on behalf of the borrower, Piermont Properties.
“Jamaica is in the midst of a large-scale transformation following a major rezoning of 368 blocks, and significant public and private investment in the area’s transportation hub,” Hakim said. “A number of mixed-use developments are underway and further investment is expected.”
Located at the northern end of Jamaica, 178-02 Hillside Avenue offers 200 feet of frontage on Hillside Avenue. The corner site is adjacent to the exclusive neighborhoods of Jamaica Hills and Jamaica Estates, and above the F-Train 179 Street / Hillside Avenue Subway station, which provides residents with rapid and convenient service to Midtown Manhattan.
Jamaica is home to 640,000 residents, 158,000 employees, 260,000 daily visitors, and 30,000 college students. A total of 5,200 units of housing, 2.1 million square feet of retail space, 1.8 million square feet of commercial space, and 1,000 to 2,000 hotel rooms are being developed in the area.
Recent Jamaica developments include the Crossing at Jamaica Station, a mixed-use development featuring 580 multifamily units, 100,000 SF of retail and community facilities, and 300 parking spaces; the Hilton Garden Inn, a 26 story 225 key full-service hotel; and the expansion of the LIRR Jamaica Station as part of the East Side Access project.
Beyond transit infrastructure, Jamaica boasts three performing arts centers, dozens of landmarked historic buildings, two colleges, hundreds of independent businesses, and blue chip department stores.
Over 100 stores in Jamaica Center sell apparel, accessories, shoes, or jewelry. Local retailers like Jimmy Jazz and Dr. Jay’s can be found among national brands like Old Navy, Marshall’s, The Gap Factory Store, and The Children’s Place. However, there remains unmet demand from local constituents for additional retail offerings, especially full‐service, fast casual, and café dining.
The developer for 178-02 Hillside Avenue, Piermont Properties, was founded in 1999 to acquire, operate, renovate and develop properties in the New York metropolitan area and other select areas with strong market dynamics. Piermont seeks to add value to the properties it acquires through its operational, management, financial, leasing, and construction expertise. In addition to pursuing the acquisition of underperforming or opportunistic properties, Piermont acquires well‐ located properties with strong cash flow, creating superior returns by optimizing a property’s capital structure. More information is available at http://piermontproperties.com/
Powered by a highly skilled team of over 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter@EasternConsol.
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