Brooklyn-based developer Elmord Management has secured US$72.3 million in acquisition and construction loan financing. These funds are intended for the construction of a multifamily building on a former industrial site in Long Island City, Queens, Commercial Observer has learned.
BridgeCity Capital provided the loan for the developer's planned 161-unit project at 44-68 Vernon Boulevard in Hunters Point. Elmord acquired the property for US$28 million from an unnamed seller, according to BridgeCity. A warehouse-style building constructed in 1953 currently stands on the property in question.
Complex Financing Solutions in New York City
EJ Ehrlich, BridgeCity's Director of Lending, stated that this transaction is another example of the company's ability to efficiently structure and implement complex financing solutions, while simultaneously supporting high-quality development projects in New York City. BridgeCity views this as confirmation of its expertise in the metropolis's demanding real estate market.
The 44-68 Vernon property is located just steps away from a warehouse site originally planned as Amazon's New York City headquarters, before the e-commerce giant withdrew the project in 2019. Elmord Management now plans a 16-storey, 142,697-square-foot apartment building there, which will also include commercial space.
Project Details and Location
The venture underscores the ongoing transformation of Long Island City, particularly the Hunters Point neighbourhood, from a traditional industrial area to a sought-after residential and commercial district. The location advantage, near the former Amazon planned site, highlights the potential for high demand. Elmord Management has not yet responded to a request for comment.
- —Project size: 161 residential units
- —New construction area: 142,697 square feet
- —Number of storeys: 16
- —Acquisition cost of land: US$28 million
