Federation of Organizations signs $44.2M construction loan for development site in Far Rockaway

Federation of Organizations through the entity Federation Nameoke Apartments LLC as borrower signed a new construction loan with lender Merchants Bank of Indiana valued at $44.2 million for the development site (M1) at 20-50 Nameoke Avenue in Far Rockaway, Queens.
The deal closed on October 28, 2021 and was recorded on December 8, 2021.

The owner bought the property on December 11, 2019, for $4.1 million.
The signatory for Federation of Organizations was Stephen McCarthy.
(420667004) Plans for a 117-unit, 69,235 square-foot R-2 were filed on February 13, 2020.
Stephen McCarthy is CFO of Federation of Organizations.

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