Press release

March 13, 2023

5 min read

Walker & Dunlop Arranges $131 Million Construction Financing from PCCP, LLC and Corebridge Financial for Werwaiss Properties’ Long Island City Residential Tower

Walker & Dunlop Inc., New York Capital Markets team announced today that it arranged a $131 million construction loan for 23-10 42nd Road, a 35-story residential development situated at the convergence of the Court Square and Queens Plaza subdistricts in Long Island City, New York — one of the fastest growing neighborhoods in America.

high rise apartments

The building will be developed with a classic yet contemporary curtain wall façade and include 240 thoughtfully designed studio one-and two-bedroom apartments featuring premium unit finishes. In addition, the project will include more than 15,000 square feet of indoor and outdoor amenities, including a triple-height fitness center, a residents’ lounge with co-working spaces, a roof-level sky lounge, and multiple amenity terraces, all with expansive views of the Manhattan skyline.

Foundation work was completed in Fall 2022, and the project is anticipated to be completed in Summer 2025. The site’s superior location provides exceptional western-facing views of Manhattan as well as unparalleled transportation access across New York City. Werwaiss Properties has partnered with Albanese Development Corporation to act as their development manager supporting the project.

Walker & Dunlop represented the sponsor, Werwaiss Properties, a multi-generational, family-owned real estate development company, to secure the floating rate construction loan through Corebridge Financial (formerly AIG) and PCCP, LLC.

“PCCP is pleased to work alongside Corebridge Financial to provide capital to Werwaiss Properties, a long-term oriented repeat PCCP borrower, for this thoughtfully conceived residential tower in one of New York’s most rapidly growing, transit-rich neighborhoods. We’re proud to work with experienced developers to help create additional market rates and attainable housing options in New York City,” said Brian Haber, managing director with PCCP.

The Walker & Dunlop capital markets team, representing the sponsor, was led by Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland, and Michael Diaz.

“We are thrilled to work with a premier sponsor like Werwaiss Properties to help them capitalize this marquee building,” said Schwartz, senior managing director at Walker & Dunlop. “In this challenging capital markets environment, we thank PCCP and Corebridge for recognizing this outstanding opportunity.”

In 2022, Walker & Dunlop’s Capital Markets group sourced capital for transactions totaling nearly $26 billion from non-Agency capital providers. This vast experience has made them a top advisor on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our  website.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.

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