Reported 6 months ago
New York developer Durst Organization secured new equity and debt for a Long Island City apartment building valued at over $700 million, with equity partner Affinius Capital taking a less than 50% stake worth over $100 million. The property also secured $450 million in debt financing from Wells Fargo & Co. The building, called Sven, completed in 2022 with 958 units, including affordable ones, is part of the Affordable New York program and has a 35-year tax abatement until 2058.
Source: YAHOO