Slate Property Group and Grobman Gross Properties have closed on a $97 million refinancing for The Yellowstone, a 166-unit multifamily asset that was recently delivered in Forest Hills, Queens. The proceeds will be used to retire existing debt, cover closing costs and fund an interest reserve on the project.
Apollo Global Real Estate Management is providing the five-year, fixed-rate loan. Daniel Fromm of Newmark, representing Slate, arranged the financing.
The luxury development, which has been in the works for more than a decade, is located at the corner of Queens and Yellowstone Boulevards. The 182,000-square-foot building also hosts 48,964 square feet of ground-floor retail which is 100% occupied and anchored by a Trader Joe's supermarket that opened this past November.
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