Catholic Charities obtains $36M construction loan from Bank of America for senior housing in Astoria

Catholic Charities Progress of Peoples Development Corp. through the entity Sheridan II LLC as borrower signed a new construction loan agreement with lender Bank of America valued at $36.3 million for 1 parcel, including the tax class unlicensed parking lot (G7) at Catherine Sheridan II Senior Housing at 23-11 31st Road in Astoria. The deal closed on June 18, 2020 and was recorded on June 30, 2020.

The debt includes a $31.6 million building loan and a $4.6 million project loan. Catholic Charities filed plans May 17, 2017 to build a 103-unit affordable senior housing building.

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