Slate Property Group and partner Avenue Realty Capital (ARC) have secured an $85 million refinancing loan for Dutch House, a newly developed mixed-use residential building in Long Island City, N.Y. The 186-unit multifamily property is situated at 37-05 30th St.
The financing package’s lender is PCCP. The loan will be used to retire an existing construction financing facility originated by Centennial Bank and Affinius Capital, which formerly operated under the name Square Mile. Slate and ARC were represented in the transaction by Aaron Appel of Walker & Dunlop.
Designed by Aufgang Architects and developed by Slate Property Group and ARC in early 2022, Dutch House rises eight stories in height. The building includes 21,000 square feet of retail space at ground level. It is fully leased.
Affordable units and amenities
Dutch House features studio, one- and two-bedroom apartments. Dozens of the units will be set aside as affordable. Features and finishes of homes include hardwood floors, patios or balconies, in-unit washers and dryers and air conditioning. Building amenities include a rooftop terrace with barbeque grills.
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Set in a highly walkable area, Dutch House is located steps from the Queensbridge Park, East River and several subway lines. Four commuter rail lines are within a 6 minute drive. LaGuardia Community College is situated an 18 minute walk away, and three other colleges are within a 7 minute drive. La Guardia International Airport is located 4.2 miles away and is within 10 minutes driving distance.
Slate and ARC have teamed up on nine residential transactions. The combined value of these deals is approximately $450 million. In June, the partnership completed the purchase of 161-unit 600 Columbus Ave. on Manhattan’s Upper West Side.
