Watermark Capital Group has secured a $105 million refinancing loan for The Pecora, a 184-unit upscale community in Queen’s Long Island City neighborhood.
Walker & Dunlop Investment Partners provided the financing in a transaction brokered by Arrow Real Estate Advisors.
The newly delivered property benefits from a 421-a tax abatement, as it also features affordable residences. The ownership plans to use the note to stabilize Pecora’s leasehold interest.
The refinancing retires a previous 20-month, $70 million construction financing package issued by Slate Property Group in December 2024.
Rising 26 stories at 41-10 Crescent St., The Pecora features 43 studios, 101 one-bedroom apartments and 40 two-bedroom residences ranging from 481 to 992 square feet. Out of the total number of units, 56 are designated as affordable. Shared amenities include a fitness center, clubhouse, rooftop terrace, children’s playroom and screening room, as well as a covered parking area with 41 spots and 9,000 square feet of retail space.
The community is just off Queensboro Bridge, some 3 miles east of Central Park. There are two subway stations within one block of the property, crossed by several lines, including the F, R and 7 trains.
