Heatherwood gets $154M in financing for LIC project

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

TRD New York /
May.May 22, 2015 01:05 PM

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.

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

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

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

43-20 49th Avenue in Long Island City and Andrew Chung of Innovo Property Group (Credit: Google Maps)

Andrew Chung tees up Queens’ biggest deal of 2019

Court Square Place at 24-01 44th Road in Queens and The New York Times' A.G. Sulzberger (Credit: Google Maps and Getty Images)

All the news that’s fit for Queens: NYT inks lease in Long Island City