The Domain Companies Closes $175 Million Wells Fargo Construction Loan for 429-Unit Elara Development in Astoria, Queens
The Domain Companies has closed on $175 million in construction financing from Wells Fargo to fund Elara, a two-building, mixed-income multifamily development in Astoria, Queens, the firm announced Aug. 25, 2026.
The loan will support ground-up construction of 429 apartments across two residential buildings, along with approximately 4,000 square feet of retail space. Equity partners Canyon Partners Real Estate and BLDG Management are participating in the deal alongside The Domain Companies.
Project Details: Two Buildings, Mixed-Income Program
Elara comprises two distinct buildings with separate completion timelines. Elara East, an 18-story building containing 330 units, is scheduled to open in September 2028. Elara West, a 12-story building with 99 units, is slated to open in February 2028.
Of the 429 total apartments, 107 — approximately 25% of the project — are designated as permanently affordable housing. The remaining units will be offered at market rate, creating a mixed-income profile across both buildings.
The amenity package includes fitness centers, coworking spaces, a screening room, a listening lounge, a gaming room with a golf simulator, a children's playroom, a dog wash, outdoor courtyards, and a rooftop terrace.
Wells Fargo Financing Structure
The $175 million loan from Wells Fargo is structured as construction financing, sized to fund the ground-up development and lease-up of both Elara buildings. At that loan amount across 429 units, the financing represents roughly $408,000 in construction debt per apartment before equity.
The Domain Companies described Astoria as one of New York City's most vibrant and fastest-growing neighborhoods in connection with the announcement. The mixed-income structure — with approximately one in four units permanently affordable — aligns with city and state housing policy priorities.
Astoria's Multifamily Pipeline
The Elara financing is part of a broader wave of large-scale, mixed-income development activity in Astoria, a Queens submarket that has attracted significant institutional capital. The neighborhood's combination of transit access, cultural density, and relative affordability compared to Manhattan has drawn developers pursuing both market-rate and income-restricted residential product.
New York City continues to face tight rental supply and elevated demand, conditions that have underpinned lender appetite for construction financing on multifamily projects. Wells Fargo operates an active multifamily capital platform.
About The Domain Companies
The Domain Companies is a New York-based multifamily and mixed-use developer. The firm focuses on development strategies that combine market-rate and affordable housing components, a model reflected in the Elara project's 25% permanently affordable unit designation.
With Elara West on track to open in early 2028 and Elara East to follow later that year, the project will add a combined 429 apartments — including 107 income-restricted units — to one of Queens' active rental submarkets.