The development team behind a new Long Island City office project has secured an $81 million loan from Deutsche Bank.
Normandy Real Estate Partners, in partnership with Keystone Equities and Drake Street Partners, plan to 25-11 49th Avenue as a creative office building.
The vacant two-story, 135,000 s/f property will be expanded to 11 stories and 238,000 s/f. According to a press release, the nine stories to be added are already fully leased.
NKF Capital Markets acted as exclusive advisors to the joint venture and the loan was brokered by vice chairmen and co-heads Dustin Stolly and Jordan Roeschlaub.
The financing will fund the creation of new office entrances, a new lobby and common areas, new elevators, larger windows, upgraded HVAC, new safety and electrical systems and a roof deck with an outdoor amenity space.
Ownership plans on re-leasing the newly renovated space to a variety of tenants, but primarily those in the creative and TAMI sectors. The developers expect to complete the project by summer 2019.
According to Stolly, “This property is ideally located near main transportation hubs, which represent part of the growing appeal of this neighborhood. This is an excellent opportunity for tenants, and it will allow them to recruit and retain quality talent.”