Property Markets Group gets $130M financing for LIC tower

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

TRD New York /
Oct.October 31, 2014 05:00 PM

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.

Related Articles

L&L MAG CEO MaryAnne Gilmartin, 44-02 Vernon Boulevard in Long Island City and Douglas Durst (Credit: Google Maps)

Durst deadlocked with owners of prime LIC site

29-28 41st Street, and from left: Arik Lifshitz Amit Doshi, Adan Elias Kornfeld, Jonathan Shainberg and David Schechtman (Credit: Google Maps)

Long Island City building fetches $47M in wake of rent law

Rendering of the Staybridge Suites at 38-59 11th Street

Long Island City hotel project moves forward with construction loan

Howard Lorber and a rendering of the Bristol

Howard Lorber picks up unit at the Bristol in West Palm Beach

42-50 24th Street and (from left) Arnold, Kenneth, Steven and Winston Fisher (Credit: Google Maps)

Fisher Bros. wants to bring a 240-unit mixed-use project to LIC

E.B. Solomont (Photo by Anuja Shakya)

The Real Deal’s E.B. Solomont receives Front Page Award

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

Clutter CEO and co-founder Ari Mir, and clockwise from left: 280 Fullerton Avenue, 1 Holland Avenue, 3046 Northern Boulevard and 5601 Foster Avenue (Credit: Linkedin, Google Maps)

Self-storage startup Clutter makes its first real estate play with $152M deal