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.