NEW YORK CITY — The Domain Cos. has obtained a $175.6 million loan through Wells Fargo for a mixed-income development in Astoria, Queens, called Elara. Domain’s equity partners on the deal are Canyon Partners Real Estate and BLDG Management. The financing was arranged by Chris Peck and Nicco Lupo of JLL.
The 429-unit project includes an 18-story building with 330 apartments called Elara East and a 12-story building with 99 apartments named Elara West. Twenty-five percent of the units will be affordable. Income caps were not disclosed. Completion of Elara West is slated for February 2028, and Elara East will follow, by approximately September 2028.
The two residential buildings will share amenities including fitness centers, coworking spaces, a screening room, gaming room with golf simulator, a children’s playroom, dog wash station, outdoor courtyards, and a rooftop terrace at Elara East. The project will also feature 4,000 square feet of retail space.