{"id":318710,"date":"2026-08-11T15:54:58","date_gmt":"2026-08-11T15:54:58","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/318710\/"},"modified":"2026-08-11T15:54:58","modified_gmt":"2026-08-11T15:54:58","slug":"wells-fargo-provides-175m-construction-loan-for-queens-mixed-use-development-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/318710\/","title":{"rendered":"Wells Fargo Provides $175M Construction Loan for Queens Mixed-Use Development \u2013 Commercial Observer"},"content":{"rendered":"

The affordable housing development push continues in New York City.\u00a0<\/p>\n

The Domain Companies has secured $175 million in construction financing to build Elara, a two-building, 429-unit mixed-income housing development in the historic Astoria neighborhood of Queens, Commercial Observer can first report.\u00a0<\/p>\n

SEE ALSO: The Plan: Extell\u2019s 70-Unit 50 West 66th Street Leans Into Luxury Via Hospitality<\/a><\/p>\n

Wells Fargo<\/a> provided the construction debt, while Domain Companies contributed an undisclosed amount of equity into the deal together with Canyon Partners Real Estate<\/a> and BLDG Management<\/a>. JLL Capital Markets<\/a>\u2019 Chris Peck and Nicco Lupo arranged the transaction.\u00a0<\/p>\n

In a statement, Jacob Feingold, partner and head of originations at Canyon Partners Real Estate, cited Astoria\u2019s ongoing population growth and The Domain Companies<\/a>\u2019 experience building in the area. The firm opened Jasper, a 499-unit multifamily complex along the Queens waterfront, in 2025.\u00a0<\/p>\n

\u201cWe continue to see attractive opportunities to invest in high-quality residential projects in markets supported by strong housing demand and compelling long-term fundamentals,\u201d said Feingold.\u00a0<\/p>\n

Located at 35-45, 35-33 and 35-42 41st Street in an area that borders the neighborhoods of Sunnyside Gardens and Astoria, Elara is split between Elara East, an 18-story building with 330 apartments, and Elara West, a 12-story building with 99 apartments.\u00a0<\/p>\n

Between the two buildings, the complex will deliver 107 permanently affordable housing units and 4,000 square feet of retail space.\u00a0<\/p>\n

On-site amenities will include fitness centers, co-working spaces, a screening room, a gaming room with a golf simulator, a children\u2019s playroom, a dog wash station and outdoor courtyards, while Elara East will hold a rooftop terrace with views of the Manhattan skyline.\u00a0<\/p>\n

Matt Schwartz, co-CEO of Domain Companies, called Astoria \u201cone of New York\u2019s most vibrant and culturally rich neighborhoods,\u201d in a statement.\u00a0<\/p>\n

\u201cWe\u2019re proud to deepen that connection by delivering a thoughtfully designed residential community that reflects the character of the neighborhood while offering one of the highest-quality living experiences in the market,\u201d he added.<\/p>\n

Elara West is scheduled to open in February 2028, while Elara East is set to open a few months later in September 2028.<\/p>\n

Brian Pascus can be reached at bpascus@commercialobserver.com<\/a>.<\/p>\n

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