{"id":282637,"date":"2026-06-30T19:13:15","date_gmt":"2026-06-30T19:13:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/282637\/"},"modified":"2026-06-30T19:13:15","modified_gmt":"2026-06-30T19:13:15","slug":"bridgecity-lends-72m-on-long-island-city-apartments-build-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/282637\/","title":{"rendered":"BridgeCity Lends $72M on Long Island City Apartments Build \u2013 Commercial Observer"},"content":{"rendered":"<p>Brooklyn-based developer <a href=\"https:\/\/commercialobserver.com\/company\/elmord-management\/\" title=\"Elmord Management\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Elmord Management<\/a> has landed $72.3 million of acquisition and construction financing to build a multifamily development at a former industrial site in Long Island City, Queens, Commercial Observer has learned.<\/p>\n<p><a href=\"https:\/\/commercialobserver.com\/company\/bridgecity-capital\/\" title=\"BridgeCity Capital\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">BridgeCity Capital<\/a> originated the loan for the developer\u2019s planned 161-unit project at 44-68 Vernon Boulevard in Hunters Point. Elmord acquired the property for $28 million from an undisclosed seller, according to BridgeCity. A warehouse-style structure built in 1953 is currently on the site.<\/p>\n<p>SEE ALSO: <a href=\"https:\/\/commercialobserver.com\/2026\/06\/cmbs-loan-moinian-groups-2-washington-street-special-servicing\/\" rel=\"nofollow noopener\" target=\"_blank\">CMBS Loan Backed by Moinian Group\u2019s 2 Washington Street Sent to Special Servicing<\/a><\/p>\n<p>\u201cThis transaction is another example of our ability to structure and execute complex financing solutions efficiently, while continuing to support high-quality development projects across New York City,\u201d EJ Ehrlich, director of originations for Brooklyn-based BridgeCity, said in a statement.<\/p>\n<p>The 44-68 Vernon property is steps from a <a href=\"https:\/\/commercialobserver.com\/2025\/02\/nyc-open-bids-long-island-city-warehouse-amazon-hq2\/\" rel=\"nofollow noopener\" target=\"_blank\">warehouse property<\/a> that was formerly planned as Amazon\u2019s New York City headquarter before the e-commerce giant <a href=\"https:\/\/commercialobserver.com\/2019\/02\/amazon-to-new-york-city-drop-dead\/\" rel=\"nofollow noopener\" target=\"_blank\">pulled out<\/a> of the project in 2019. Elmford plans a 16-story, 142,697-square-foot apartment building that also includes commercial space.\u00a0<\/p>\n<p>Elmord Management did not immediately return a request for comment.<\/p>\n<p>Andrew Coen can be reached at <a href=\"https:\/\/commercialobserver.com\/2026\/06\/bridgecity-long-island-city-queens-apartments\/mailto:acoen@commercialobserver.com\" rel=\"nofollow noopener\" target=\"_blank\">acoen@commercialobserver.com<\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Brooklyn-based developer Elmord Management has landed $72.3 million of acquisition and construction financing to build a multifamily development&hellip;\n","protected":false},"author":2,"featured_media":282638,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[38996,9,24,63,122,124,123],"class_list":["post-282637","post","type-post","status-publish","format-standard","has-post-thumbnail","category-queens","tag-ej-ehrlich","tag-new-york","tag-new-york-city","tag-nyc","tag-queens","tag-queens-headlines","tag-queens-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/282637","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=282637"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/282637\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/282638"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=282637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=282637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=282637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}