3
QUEENS, N.Y. — Avison Young has arranged a $75 million construction loan on behalf of Cord Meyer Development for Residences at Bay Terrace. The lender was New York Life Investment Management’s Real Estate Advisors. The community will be comprised of 145 units across two five-story buildings on-site at the Bay Terrace Shopping Center in Queens. Avison Young’s team was led by Scott Singer, Andy Singer, Kevin Swartz, Kathleen McSharry and David Brucker.
Floor plans will be available in one-, two- and three-bedroom layouts, many with private terraces or balconies, and select first-floor homes will be outfitted with individual entrances. Below-ground parking will be available for residents along with an amenity package that includes rooftop terraces and outdoor gathering areas, resident lounges, a live-in superintendent and a clubhouse.
The development will be integrated with the Bay Terrace Shopping Center, which was built in the early 1960s by Cord Meyer Development on part of a 225-acre farm once owned by Charles G. Meyer, the son of company founder Cord Meyer.