LMXD and BedRock Real Estate Partners have closed on a $250 million loan to facilitate the purchase and construction of a housing development in Astoria, Queens, Commercial Observer has learned.

The financing from New York Life Investment Management gets the wheels turning on the development of 560 mixed-income housing units at 35-10 Steinway Street, as well as a new retail location for a P.C. Richard & Son store in the neighborhood, according to the developers.

“We are excited to move forward with our plan to bring mixed-income housing, including permanently affordable homes, to Steinway Street and contribute to the responsible growth of this vibrant neighborhood,” a spokesperson for LMXD and BedRock said in a statement.

BedRock and LMXD acquired the site, which includes 35-18 Steinway Street, for $53 million last week.

JLL‘s Rob Hinckley, Scott Aiese, Jeffrey Julien, Lauren Kaufman and Alex Staikos arranged the new financing for the transaction.

“High-quality developments with strong sponsorship and solid fundamentals continue to attract institutional capital, and Steinway Crossing is a prime example,” Hinckley said in a statement.

New York Life did not immediately respond to requests for comment.

Apartment units in the Astoria project will range from studios to three-bedrooms, and 25 percent will be set aside as affordable housing for those earning an average of 60 percent of the area median income. The building will be designed by Beyer Blinder Belle Architects & Planners with all-electric infrastructure.

However, the more interesting aspect of the development is that it falls within the section of land rezoned through a 2022 Uniform Land Use Review Procedure as part of the defunct Innovation QNS project by Silverstein Properties.

The five-block, $2 billion mixed-use development plan that envisioned 3,200 new units was dissolved after Silverstein backed out of the deal, leaving BedRock and LMXD to pick up the pieces.

Along with preserving P.C. Richard & Son’s presence in the neighborhood, Silverstein had also planned to enhance studio and theater space for Kaufman Astoria Studios.

The two remaining partners announced in September 2025 that they would continue with a more piecemeal approach to the development. Construction on the new development is set to begin this month, with an expected completion date in 2029, the developers said.

Mark Hallum can be reached at mhallum@commercialobserver.com.