Slate Property Group Provides $56M Loan for Multifamily Property in Long Island City
Slate Property Group has provided a $56 million loan for a multifamily property in Long Island City, Queens, owned by JMH Development and Mettle Property Group.
Slate Property Group has provided a $56 million loan for a multifamily property in Long Island City, Queens, owned by JMH Development and Mettle Property Group. The property, located at 36-20 Steinway St, features 143 units and was brokered by Newmark Knight Frank’s Jordan Roeschlaub, Dustin Stolly, Daniel Fromm, and Josh Egert.
The property was acquired by JMH Development and Mettle Property Group in 2017 for $60 million, according to property records. The loan from Slate Property Group will be used to refinance the property’s existing debt.
The property is located in Long Island City, a neighborhood in Queens that has seen significant development in recent years. The area has become a popular destination for young professionals due to its proximity to Manhattan and its growing restaurant and nightlife scene.
The property features a mix of studio, one-bedroom, and two-bedroom units, as well as amenities such as a fitness center, rooftop terrace, and bike storage. The building also has ground-floor retail space.
Slate Property Group is a New York-based real estate investment and development firm that specializes in multifamily properties. The firm has a portfolio of over 8,000 units across the United States.
JMH Development is a New York-based real estate development firm that has developed properties in New York City, Miami, and other major cities. Mettle Property Group is a real estate investment and development firm based in New York City.
Newmark Knight Frank is a global commercial real estate brokerage firm that provides a range of services, including leasing, investment sales, and property management. The firm has offices in over 400 locations worldwide.