You are reading

Developers of 8-story, mixed-use building in Long Island City secure $85M refinancing loan

Dutch House Photo provided by Slate Property Group

Dutch House in Long Island City (Photo provided by Slate Property Group)

July 18, 2023 By Michael Dorgan

The developer behind an 8-story, mixed-use building in the Dutch Kills section of Long Island City has closed on an $85 million refinancing deal for the property.

Slate Property Group, a Manhattan-based firm, announced on Thursday, July 13, that it had secured the new loan for Dutch House, a development at 37-05 30th St. that comes with 186 apartments.

The refinancing will be used to retire an existing construction loan on the property, according to a spokesperson for Slate. PCCP, a Manhattan-based private equity firm,  is the sole lender for the financing package

The refinancing of loans on new developments is common in the industry in that developers often secure short-term loans to cover the costs of the build. Then, when construction is finished, a new loan is secured to pay off the initial loan.

Dutch House was completed in early 2022 and is fully leased, the spokesperson said. It was designed by Aufgang Architects, an architectural firm based in Rockland County.

The development consists of studios, one-bedroom, and two-bedroom apartments, all of which feature hardwood floors, as well as washers and dryers. Fifty-six apartments have been set aside as affordable.

The building comes with a fitness center, a recreation room with a pool table, bike storage, a lobby with concierge service, as well as a rooftop terrace with barbeque grills that has views of the Manhattan skyline. There is around 21,000 square feet of retail space on the ground floor.

The inside of an apartment at Dutch House (Photo via Dutch House website)

The inside of an apartment at Dutch House (Photo via Dutch House website)

The building is about a block and a half away from the 39th Avenue-Dutch Kills subway station that serves the N and W trains.

The property was developed by Slate Property Group and its partner Avenue Realty Capital (ARC), a Manhattan-based real estate firm.

Dutch House is not the first time the firms have joined forces.

Slate and ARC have partnered in nine residential transactions in total with a combined value of around $450 million. In June, the partnership completed the purchase of 600 Columbus Ave., a 166-unit multifamily building on Manhattan’s Upper West Side.

And last year the firms jointly purchased a development site at 159 Boerum St. in Brooklyn with plans to construct 161 residential units, 30% of which will be affordable.

The lobby area (Photo via Dutch House website)

The lobby area (Photo via Dutch House website)

The inside of an apartment at Dutch House (Photo via Dutch House website)

The inside of an apartment at Dutch House (Photo via Dutch House website)

email the author: [email protected]
No comments yet

Leave a Comment
Reply to this Comment

All comments are subject to moderation before being posted.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Recent News

MTA providing shuttle from 7 train to traveling Vietnam War Memorial replica in Flushing Meadows Corona Park

Sep. 26, 2023 By Bill Parry

The MTA is working with the NYC Department of Veterans’ Affairs to provide shuttle bus service between the Mets-Willets Point 7 train station and Flushing Meadows Corona Park for all those wishing to visit the “The Wall that Heals,” a three-quarter scale replica of the Vietnam Veterans Memorial in Washington, D.C., that honors the more than three million Americans who served in the Armed Forces during the Vietnam conflict.