Wildflower, Meadow Partners sign $260M first mortgage construction loan with Silverstein for Astoria studio

Wildflower Ltd. and Meadow Partners through the entity WF Industrial IV LLC as borrower signed a first mortgage new construction loan with lender Silverstein Capital Partners through the entity SCP JV III Lender LLC valued at $260 million for the development of a 750,000-square-foot production facility at 35-15 19th Avenue in Ditmars Steinway, Queens.
The deal closed on February 4, 2022 and was recorded on February 24, 2022. The prior lender was Ares Commercial Real Estate which held debt that had an original loan amount of $33.7 million.

The owner bought the property on January 30, 2020, for $71.6 million.
The signatory for Wildflower Ltd. and Meadow Partners was Timothy P. Yantz. The signatory for Silverstein Capital Partners was Michael Levy.
(420667549) Plans for a portion of the project, a 144,000 square-foot industrial building S-2, were filed on May 8, 2020.
The financing is composed of a $172.55 million building loan, a $53.7 million project loan and a $33.7 million land loan.
In Ditmars Steinway, the bulk, or 50 percent of the 23.2 million square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 20 percent of the space. In sales, Ditmars Steinway has near average sales volume among other neighborhoods with $237.3 million in sales volume in the last two years and is the 5th highest in Queens. For development, Ditmars Steinway has near average amount of major developments among other neighborhoods and is the 9th highest in Queens. It had 894,447 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
On the tax block, the majority, or 72 percent of the 553,686 square feet of built space are industrial buildings, with specialty buildings next occupying 28 percent of the space.
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