Prime Finance Provides $19.44M Bridge Loan For 49-Unit Multifamily Property In Douglaston

The Altara is a brand new construction multifamily property featuring 49 units, located at 44-14 Douglaston Parkway in the Douglaston market. The property has secured a loan amount of $19,441,000 to facilitate its lease-up phase, with the financing structured as a bridge loan for a term of 24 months at a rate of SOFR plus 300 basis points.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $19,441,000
• Lender: Prime Finance
• Loan Type: Bridge
• Loan Terms: 24 months, SOFR + 300 bps
• Address: 44-14 Douglaston Parkway
• Market: Douglaston
• Brokers: Judah Hammer, Jeff Feldman, Shlomo Weissberg & Shamir Seidman - CBRE

CBRE arranged the construction takeout for The Altara, successfully navigating a competitive bidding process to procure the lease-up financing. The loan closed just two weeks after receiving the Temporary Certificate of Occupancy (TCO), allowing the Sponsors the necessary timeframe to complete the leasing of the building at favorable terms. The team is actively engaged in multiple multifamily lease-up opportunities with competitive financing options.