Fetner Properties and Lions Group have secured loans to shore up $107 million to use on a New York City property that will include multifamily units.
Most of the financing is being provided by Valley Bank and IBD Bank, who agreed to give the two firms a $80 million senior mortgage, as reported by the Commercial Observer, citing sources familiar with the situation. And Mavik Capital Management has provided a mezzanine loan worth $27 million.
The financing is for their lease and the completion of The Bold, Fenter's, and Lion's property in Long Island City, Queens. Located at 27-01 Jackson Ave, the building features 27 stories, according to a report from New York YIMBY. The residential property also comes with 164 multifamily units, a storage facility that measures 6,224 square feet, and 8,648 square feet of retail space. The total space of the tower equals 150,000 square feet.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
