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More LIC Apartments Get Construction Financing

NEW YORK CITY—A project overlooking the Citicorp tower is set to deliver in late 2017.

By Rayna Katz | raynakatz | | Updated on February 11, 2016
Watermark Court Square Watermark Court Square, in Long Island City, overlooks Citicorp Tower Park.
NEW YORK CITY—Another new Long Island City multifamily property has moved a step closer to development. Twining Properties and partner CBD have closed on $70 million of construction financing for their W atermark Court Square  project. Provided by Principal Real Estate Investors and Santander Bank , the loan and joint venture equity were arranged by Cushman & Wakefield . Cushman’s Steve Kohn , Mark Ehlinger and John Spreitzer handled the transaction. The 168-unit building, at 27-19 44th Dr., overlooks LIC’s iconic Citicorp Tower Park and features views of the Manhattan skyline. The 27-story building started construction in June 2015, and apartments will deliver in fall 2017. The building is served by seven subway lines with 15 minute access time to midtown Manhattan. Shopping, dining and cultural activities are a close by on Vernon and Jackson Avenues. Hatched at the Cambridge Innovation Center in Cambridge, MA’s Kendall Square, across from MIT. In Kendall Square Cambridge there are 465 apartments in two towers above a full-service fitness center and six restaurants with outdoor dining, a sky deck and large second floor garden terrace all overlooking the Charles River and a boat landing. Watermark Kendall  brought the first FIOS to apartment living in the US, was the first LEED EB apartment building in the country and provided curated artwork throughout the building from the DeCordova Museum . Principal Real Estate Investors was the capital partner for both towers. Watermark Seaport in Boston is now renting 346 apartments and includes a rooftop terrace overlooking the Boston Harbor and Downtown Boston.

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