Amherst Capital provides $47 million refi for Queens multifamily property – Business Observer
R&D management, Camber real estate group and Valyrian capital secured a $47 million refinancing for The strand luxury multifamily property in Ridgewood, Queens, Commercial Observer has learned.
Amherst Capital provided the five-year loan, while Cushman and Wakefieldit is Gideon Gil and Lauren Kaufman negotiated the debt on behalf of the borrower.
The 132-unit asset is located at 176 Woodward Avenue – near the border of Ridgewood and the Bushwick neighborhood of Brooklyn – and includes 5,009 square feet of retail space. Recently constructed, the building was designed by Aufgang Architects and Brooklyn-based Dumbo The Meshberg Group.
“We’ve seen strong lender interest in luxury multi-family assets in the outer boroughs, and this property was no exception,” Gil said in prepared remarks. “The asset’s ideal location and newly renovated units are well positioned to capture tenant demand, which has led to a very competitive process allowing us to secure ideal financing terms.”
Building amenities include a fitness center, yoga studio, coworking lounge and business center, game room, and two landscaped rooftop terraces overlooking Brooklyn and the Manhattan skyline.
Just last week, C&W’s Gil and Kaufman closed another big multi-family deal. The arranged debt duo $173 million in acquisition financing for Eugene Asset Managementthe $266 million purchase of The lyrica luxury apartment building on the Upper West Side.
Amherst officials could not immediately be reached for comment. RD Management officials did not immediately return a request for comment.
Cathy Cunningham can be contacted at [email protected].