News:
Owners Developers & Managers
Posted: April 8, 2025
ERG Commercial Real Estate secures $7 million loan for 28-unit multifamily development
by Lu Ning Architecture, PLLC
Jamaica, NY ERG Commercial Real Estate has secured a $7 million construction loan for a new 16-story, 28-unit multifamily development located at 166-13 91st St. This financing was provided by a national middle-market institutional-quality construction and bridge lender.
The development at 166-13 91st St. represents a significant addition to the neighborhood, offering modern residential rental units. ERG Commercial Real Estate’s expertise in navigating complex financing structures ensured a seamless process, aligning the needs of the developer with the lender’s criteria.
“We are thrilled to have facilitated this $7 million loan, which will bring this exceptional multifamily project to life,” said Matthew Murphy, director of financing at ERG Commercial Real Estate. “This deal reflects our commitment to delivering tailored financing solutions and supporting transformative real estate developments that enhance communities.”
The lender specializes in construction and bridge financing, providing flexible and reliable capital for projects like this one. Construction was set to commence in February of 2025 with completion anticipated to further elevate the residential landscape of the neighborhood.
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