Silverstein Properties has secured a $165-million construction loan for a new mixed-use complex in Astoria, Queens, reports Commercial Observer.

The new funding provided by Mexico City's Banco Imbursa, will go toward the construction of a new 13-story building on a roughly 1.44-acre site located at 44-01 Northern Boulevard. Plans call for a total of 354 apartments, a quarter of which would be designated as affordable housing, as well as roughly 15,600 square feet of commercial uses and parking for 156 vehicles.

The Hill West-designed complex, now under construction, is slated to debut in Spring 2024.

The Norther Boulevard tower is described as a complement to the massive Innovation QNS project, in which Silverstein is also a partner. That $2-billion development would include more than 2,800 homes and 200,000 square feet of commercial space, among other uses.