Fetner and Lions Score $107M for NYC Multifamily Tower
Valley Bank, IBD Bank and Mavik Capital Management are providing the financing.
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.
The Bold is next to another property that both Fetner and Lions jointly own as well, The Italic. Plus, other amenities are located nearby including grocers, breweries, restaurants, and other retail stores. Plus, several subway stations are close to the property.
The Bold’s construction is set to be completed in September.