The Lions Group, the development and acquisition company run by Albert and Ramin Shirian, has a secured $65 million loan to refinance their newest Long Island City condo development.
Greystone provided the Freddie Mac loan to refinance One LIC, a brand new 20-story, 110-unit (70 percent market-rate / 30 percent moderate income) multifamily rental apartment located at 42-10 27th Street in Long Island City, NY.
The new 16-year fixed-rate permanent financing through Freddie Mac’s “Lease-Up” program refinanced a Bank Leumi construction loan.
Drew Fletcher, Bryan Grover and Matthew Klauer of Greystone Capital Advisors originated the financing, which was as one of the last “pre-stabilized” permanent loans to receive Freddie Mac credit approval since the program was suspended due to the COVID-19 pandemic.
One LIC is a Class-A apartment building completed in 2019. It has three retail spaces occupied by Starbucks, CityMD, and Yoyoso, on-site parking and four floors of amenity space.
“Closing a loan in New York City during COVID-19 posed several unique challenges ranging from the traditional property inspection and title search to the temporary closure of the retail tenants and inability to show apartments. Despite these challenges, however, we were still able to deliver a tremendous execution for our client,” said Drew Fletcher, President of Greystone Capital Advisors.
“We are thrilled to have closed on this deal. The circumstances of the world changed dramatically throughout the process, but Greystone remained diligent and never wavered. Looking forward to more business in the future,” said Aaron Shirian.