The Real Deal New York

Heatherwood gets $154M in financing for LIC project

646-foot-tall building poised to be the second tallest resi tower in borough

May 22, 2015 01:05PM
By Rich Bockmann

42-12 28th Street

The view from the top of 42-12 28th Street (credit: @SamYee) and a rendering of the building. (credit: CityRealty)

Heatherwood Communities secured $154 million in financing from PNC Bank for its planned 58-story rental tower in Long Island City, according to property records filed with the city Friday

The Long Island-based development firm landed a pair of loans in the amounts of $145 million and $9 million for the building, dubbed 28 on 28th, records show.

The building, set to rise on a development site at 42-12 28th Street that the developer paid $12.6 million for in 2011, is in the Queens Plaza area of Long Island City – a neighborhood where a number of residential skyscrapers have risen over the past few years and more are in the works.

Due for completion in 2017, the 477-unit building was set to be the borough’s tallest residential tower at 646 feet when Heatherwood filed in 2013.

The proposal has since been eclipsed, however. Kevin Maloney’s Property Markets Group filed building plans in March to build a 772-foot-tall tower to the north side of Queens Plaza at 29-37 41st Avenue.