Werber and Socius Development win financing for mixed-use Queens scheme

Werber Real Estate and its development partner Socius Development Group have secured a $61.5 million construction loan for the mixed use scheme Roosevelt Parc. Located in the Jackson Heights neighborhood of Queens on Roosevelt Avenue, the plans call for 154 residential units, 16,557 square feet of retail space, 23,074 square feet of community facility space and a 186 space parking garage. Designed by Marvel Architects, the building will feature a rooftop deck with panoramic views of the Manhattan skyline, movie screening room, children’s playroom, and 24-hour concierge service. Holliday Fenoglio Fowler sourced the floating-rate construction loan through Principal Global Investors. The HFF team included managing director Steven Klein and senior director Geoff Goldstein. “Werber’s success in assembling a large-scale development site within a high-barrier-to-entry submarket enabled the borrower to obtain favorable construction financing during a time of limited liquidity for large projects,” said Klein.