Cape Advisors gets $225M construction loan from Square Mile, which borrows $180M from Bank OZK

Cape Advisors and Pioneer Group through the entity Astoria West, LLC as borrower signed a loan agreement with lender Square Mile Capital through its SM Tactical Finance II-F LLC valued at $225 million for 3 parcels, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) at 30-77 Vernon Boulevard, 11-37 31st Avenue in Astoria. The deal closed on July 24, 2020 and was recorded on August 17, 2020.
Cape Advisors is constructing 534 apartments in three buildings at the site.
The financing provides a $98.3 million building loan, a $24.7 million project loan, refinances a $57 million acquisition loan from Mack Real Estate in 2018 and provides a $45 million mezzanine loan.
Square Mile borrowed up to $180 million from Bank OZK, secured by the $180 million first mortgage debt.

The last time the property sold was April 25, 2018, for $83,300,000. The loan was arranged by Meridian Capital Group’s Adam Hakim and James Murad. Cape Advisor’s CEO Craig Wood and President David Kronman provided a guaranty of recourse obligations to Square Mile.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There have been 2 new building permit applications totaling 341,945 square feet. Those plans include a total of 383 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link