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LONG ISLAND CITY, NY-The Crescent Club, a luxury condominium project here, received a $51-million construction loan from Meridian Capital Group. The 17-story development is located at 41-17 Crescent St. and will have a total of 119 condos in addition to retail space in the base of the building.

Samuel Spinner of Meridian negotiated the loan, securing a rate at Libor +220 over 24 months. The building, designed by Karl Fisher and Lisa Chow of Karl Fischer Architect, will include an outdoor garden, lap pool, putting green and barbeque area. This is one of more than a dozen projects Karl Fisher is working on. In Long Island City the firm has also designed the Queen's Plaza and the Power House.

According to published reports, the property sold in June 2005 for $10.5 million. At the time of the sale, the property included a factory building and two parking lots.