{"id":165137,"date":"2026-03-16T16:45:45","date_gmt":"2026-03-16T16:45:45","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/165137\/"},"modified":"2026-03-16T16:45:45","modified_gmt":"2026-03-16T16:45:45","slug":"new-york-life-lends-75m-on-apartments-at-queens-shopping-center-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/165137\/","title":{"rendered":"New York Life Lends $75M on Apartments at Queens Shopping Center \u2013 Commercial Observer"},"content":{"rendered":"

Queens developer Cord Meyer Development<\/a> 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.<\/p>\n

New York Life Real Estate Investors<\/a>, 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\u2019 Bay Terrace neighborhood south of Fort Totten Park.<\/p>\n

SEE ALSO: Electrified Industrial Outdoor Storage Gains Fans Among Investors and Tenants<\/a><\/p>\n

Avison Young<\/a> 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.<\/p>\n

\u201cWe 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,\u201d Scott Singer said in a statement. \u201cCord Meyer Development\u2019s 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.\u201d<\/p>\n

Peter Shea, head of Northeast originations at New York Life Investment, said in a statement that Cord Meyer Development\u2019s \u201ctrack record in New York City and long-term build, operate and hold business model\u201d aligns with its lending strategy.<\/p>\n

The multifamily development at the Bay Terrace Shopping Center will be developed under New York State\u2019s 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.<\/p>\n

Construction is slated to commence in March with completion expected in 2028. The shopping center will remain open during construction.<\/p>\n

\u201cThe new Residences at Bay Terrace reflect a broader shift toward mixed-use development that supports how people live, shop and gather,\u201d Joe Forgione, vice president and Bay Terrace project lead at Cord Meyer Development, said in a statement.\u00a0<\/p>\n

Andrew Coen can be reached at acoen@commercialobserver.com<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"Queens developer Cord Meyer Development has landed $75 million of construction financing to build a multifamily project atop…\n","protected":false},"author":2,"featured_media":165138,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[67866,67867,67868,67869,67870,9,24,63,67871,122,124,123,67872],"class_list":["post-165137","post","type-post","status-publish","format-standard","has-post-thumbnail","category-queens","tag-andy-singer","tag-david-brucker","tag-joe-forgione","tag-kathleen-mcsharry","tag-kevin-swartz","tag-new-york","tag-new-york-city","tag-nyc","tag-peter-shea","tag-queens","tag-queens-headlines","tag-queens-news","tag-scott-singer"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/165137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=165137"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/165137\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/165138"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=165137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=165137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=165137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}