The Real Deal New York

Property Markets Group gets $130M financing for LIC tower

Deutsche Bank provides construction and soft-costs loans; project to have 400 rental units 

October 31, 2014 05:00PM
By Rich Bockmann

From left: Kevin Maloney, Howard Lorber and a rendering of 23-10 Queens Plaza South

From left: Kevin Maloney, a rendering of 23-10 Queens Plaza South and Howard Lorber

Kevin Maloney’s Property Markets Group has locked down more than $130 million in construction financing for its planned 44-story rental tower in Long Island City, property records filed with the city today show. 

Deutsche Bank provided the developer with a $113 million building loan and another $24.5-million project loan for soft costs, the records indicate. The bank also consolidated previous mortgages on the property in the amount of $11.05 million.

In December 2012, PMG bought two sites — a 14,920 square-foot-lot at 23-01 42nd Road and a 27,200 square-foot lot at 23-10 Queens Plaza — for $37 million, as The Real Deal reported.

Along with partners the Hakim Organization and New Valley, the real-estate arm of Douglas Elliman Chairman Howard Lorber’s Vector Group, PMG plans to build a 44-story rental tower with some 400 units and retail space. The project is slated for completion in 2017.

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