Queens developer Cord Meyer Development has landed $75 million of construction financing to build a multifamily project atop a parking area at the Bay Terrace Shopping Center, Commercial Observer can first report.

New York Life Real Estate Investors, part of New York Life Investment Management, supplied the loan for the Residence at Bay Terrace. The development will comprise two five-story apartment buildings with 145 units at the 300,000-square-foot shopping center in Queens’ Bay Terrace neighborhood south of Fort Totten Park.

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Avison Young arranged the transaction with a tri-state debt and equity finance team led by Scott Singer, Andy Singer, Kevin Swartz, Kathleen McSharry and David Brucker.

“We generated tremendous competition for this opportunity as lenders recognized the chance to lend on high-quality multifamily developments with strong sponsorship and a compelling location,” Scott Singer said in a statement. “Cord Meyer Development’s long-standing presence in Queens over the past 120-plus years and the opportunity to add new housing in a dense, infill location at an established destination like Bay Terrace made this an attractive opportunity for New York Life Investment Management.”

Peter Shea, head of Northeast originations at New York Life Investment, said in a statement that Cord Meyer Development’s “track record in New York City and long-term build, operate and hold business model” aligns with its lending strategy.

The multifamily development at the Bay Terrace Shopping Center will be developed under New York State’s 485x tax abatement program at an upper-level parking area off 26th Avenue. Apartment units will range from one to three bedrooms, with amenities such as rooftop terraces, resident lounges and a clubhouse.

Construction is slated to commence in March with completion expected in 2028. The shopping center will remain open during construction.

“The new Residences at Bay Terrace reflect a broader shift toward mixed-use development that supports how people live, shop and gather,” Joe Forgione, vice president and Bay Terrace project lead at Cord Meyer Development, said in a statement. 

Andrew Coen can be reached at acoen@commercialobserver.com.