JLL’s Capital Markets team announced the firm has arranged $154 million in construction financing for the development of 42-12 28th Street, located in Long Island City, Queens.
PNC Bank N.A. as sole lead arranger and administrative agent, is syndicating the loan with Santander and Union Bank for the 58-story, high-rise, multifamily building.
Capitalizing on the fundamental strength of Manhattan’s submarkets, lenders and investors alike are increasingly drawn to new multifamily developments.
Long Island-based Heatherwood Communities is building a Class A-plus, 477-unit multifamily property on the site. It will feature 328,834 net residential square feet, 5,878 s/f of retail space and 16,123 s/f of dedicated amenity space.
Individual units will offer upscale modern finishes and top of the line appliances along with sweeping views of Manhattan. The project will also feature a 2nd floor garage with 46 parking spaces. The property is located just off Jackson Avenue, with convenient access to multiple subway lines.
Managing Director Aaron Appel and Vice President Jonathan Schwartz led the JLL team on the financing.
“This is going to be among the tallest towers in Long Island City once it’s delivered in 2017, and one of the best multifamily assets in the Queens submarket thanks to the market-leading vision of Heatherwood Communities,” said Appel.
“Lenders were drawn by the strong demand in one of the nation’s premier housing markets, as well as the prime location in Court Square, directly across the East River from Midtown, Manhattan.”
Heatherwood Communities bought the 28th Street site for $12.6 millio in 2011 and proposed what was then the borough’s tallest residential tower at 646 feet.
Since then, Property Markets Group and the Hakim Organization have revealed they will build a 915 ft. 77-story skyscraper at 29-37 41st Avenue, acording to the New York Times.