BridgeCity Capital has closed a $72.3 million acquisition and construction loan for Elmord Management's multifamily project in Long Island City. The financing covers a 161-unit residential development at 44-68 Vernon Boulevard in Hunters Point, Queens, converting a former industrial site into apartments.
Elmord Management, a Brooklyn-based developer, will use the capital to acquire and build out the property. BridgeCity Capital structured the deal as a traditional construction loan, providing funding as the project progresses through development phases.
The Long Island City market continues attracting debt capital despite broader lending headwinds. Multifamily developments in the Hunters Point submarket have drawn consistent lender interest due to strong renter demand and the neighborhood's ongoing transformation. Former industrial parcels like this one offer developers significant upside through conversion projects that add housing supply to one of Queens' fastest-growing corridors.
For buyers and investors, this deal signals continued confidence in Long Island City's rental fundamentals. The 161-unit scale positions Elmord's project as mid-sized but meaningful for the area's housing stock. Upon completion, these units will compete directly with newer multifamily buildings nearby, likely pushing rents to market rates for the submarket.
Tenants entering the market once this project completes will face pricing aligned with recent Long Island City comps. Current Class A rents in Hunters Point range from $3,200 to $4,200 for one-bedrooms, depending on amenities and unit finishes.
BridgeCity Capital's willingness to lend on this deal reflects tighter but functioning debt markets for multifamily construction. Lenders remain selective about sponsors with proven execution records and strong equity positions. Elmord's track record in New York development likely supported approval.
The project's location near the Court Square subway station and waterfront