Wildflower Ltd., Robert De Niro, Raphael De Niro and Jane Rosenfeld through the entity Wf Industrial IV LLC as borrower signed a loan agreement with the REIT lender Ares Commercial Real Estate, through the entity ACRC Lender LLC valued at $56.5 million for 1 parcel, including the tax class not available at 1 Steinway, aka 18-50 Steinway Place aka 36-10 19th Avenue, in Astoria. The deal closed on January 30, 2020 and was recorded on February 7, 2020.
The joint venture between Adam Gordon and Matthew Dicker’s Wildflower Ltd., Robert De Niro, Raphael De Niro and Jane Rosenfeld, plans to develop a 695,000-square-foot film and digital production campus called Wildflower studios, valued at approximately $400 million. Simultaneously with this loan, the venture acquired the property from Steinway & Sons for $71.65 million. The capital stack has not been finalized but there is no mezzanine debt and secured debt is expected to be about half of the total project cost, or $200 million, according to a source familiar with the project.