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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
