Vaja Group Secures $84M Financing for Astoria Multifamily Property

Vaja Group has obtained $84 million in bridge financing for Nova Astoria, a 152-unit multifamily property in Astoria, Queens, which opened last year. The financing is intended to support the property as it transitions from the completion of construction to full occupancy.

Financing Details and Property Overview

Keystone Equities provided the financing through its private credit platform. Keystone Equities has originated $600 million in debt over the past 24 months. Jonathan Zamir, founder and CEO of Keystone Equities, stated that Vaja Group was identified as “a high-quality sponsor with multiple financing options.”

Did You Know? Nova Astoria, located at 11-14 35th Avenue, features amenities including a dog park and a business center with coworking spaces.

Nova Astoria is a nine-story building with a mix of market-rate and affordable housing units. Approximately 102 units are market rate, and 50 units are designated as affordable housing, reserved for New York City residents earning between 70 and 130 percent of the area median income. The building was developed utilizing tax abatements under the now-expired 421a program.

Keystone Equities’ Strategy

According to Zamir, Keystone Equities secured the deal through its ability to execute transactions “quickly.” He added that “reliability and certainty of execution” are key drivers of repeat business for his firm. Keystone Equities aims to build “a durable and scalable platform that can solve for sponsor needs across the capital stack.”

Expert Insight: Bridge financing, like the loan provided to Vaja Group, is often utilized to cover short-term funding gaps during transitions, such as the period between construction completion and stabilized occupancy. This type of financing can be crucial for developers to maintain momentum and avoid potential delays.

No broker was involved in this transaction. Representatives of Vaja Group did not respond to requests for comment.

Frequently Asked Questions

What type of property is Nova Astoria?

Nova Astoria is a 152-unit multifamily rental property located in Astoria, Queens.

What is the purpose of the $84 million financing?

The financing is intended to provide liquidity to support the property as it moves from construction completion to full lease-up.

How many affordable housing units are included in Nova Astoria?

50 units have been set aside for affordable housing, reserved for residents earning from 70 to 130 percent of the area median income.

How might the success of Nova Astoria’s lease-up influence future development projects in the Astoria neighborhood?