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BHI Provides $65.3MM Financing for Mixed-Use Development in Astoria, Queens

July 03, 2023, 08:00 AM
Filed Under: Real Estate

BHI provided a $65,340,000 construction loan to NuVerse Advisors LLC to finance the development of 30-55 Vernon Boulevard, located in Astoria, Queens, New York.

Upon completion, 30-55 Vernon Boulevard will be a nine-story ground-up mixed-use development comprised of 121 residential units, two retail spaces, a community facility, and on-site parking.

A prime corner waterfront site in the burgeoning Astoria enclave, 30-55 Vernon Boulevard is in close proximity to the Astoria Ferry Terminal as well as multiple subway stations and modes of public transportation. This vibrant area is also home to trendy culinary destinations, modern art, active retail, and a number of new mixed-use developments.

“We appreciate the continued work of the CRE team at BHI. Their deep understanding of the area and our needs allowed for a personalized approach to a successful transaction,” said Stephen Saali, Managing Partner and Co-Founder of NuVerse Advisors LLC.

“The continued development of the Astoria waterfront area is incredibly exciting, and BHI is proud to be a part of 30-55 Vernon Boulevard, advancing our ongoing and valued relationship with NuVerse,” said Ilana Druyan, Head of International Origination, BHI. "This transaction underscores our continued strategic focus on multi-family growth and our enduring commitment to positively impacting the areas we serve.”

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