Heatherwood gets $154M in financing for LIC project

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

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

arrow_forward_ios
A rendering of the site at 41-50 21st Street in Long Island City (Rendering via FX Collaborative)

LIC Opportunity Zone dev site asks $60M

LIC Opportunity Zone dev site asks $60M
Innovo Property Group's Andrew Chung and the LIC property. (IPC)

Andrew Chung plans massive industrial project in Long Island City

Andrew Chung plans massive industrial project in Long Island City
TF Cornerstone president Fredrick Elghanayan and an aerial of 54-01, 54-19 2nd Street in Long Island City (Credit: TF Cornerstone and Google Maps)

No Amazon, no problem: TF Cornerstone plans 1,400 apartments in LIC

No Amazon, no problem: TF Cornerstone plans 1,400 apartments in LIC
Renderings by Archimaera

LIC will soon house the nation’s largest passive house office

LIC will soon house the nation’s largest passive house office
The Factory building at 30-30 47th Avenue with Square Mile Capital’s Craig Solomon and Invesco CEO Marty Flanagan (Photos via The Factory; Square Mile; Invesco)

Here’s what tenants are paying at the Factory in Long Island City

Here’s what tenants are paying at the Factory in Long Island City
Square Mile Capital’s Craig Solomon and Hackman Capital Partner’s Michael Hackman with Silvercup Studios at 42-22 22nd Street in Long Island City (Hackman; Silvercup Studios)

Hackman and the City: Hackman, Square Mile buy Silvercup Studios

Hackman and the City: Hackman, Square Mile buy Silvercup Studios
Carlyle CEO Kewsong Lee and 24-02 Queens Plaza South in Long Island City (Getty; Atlas Capital)

Carlyle Group pockets $40M LIC trade school building

Carlyle Group pockets $40M LIC trade school building
Traub Capital's Brian Crosby and 27-11 49th Avenue in Long Island City (Images via Traub and Google Maps)

Traub Capital pays $75M for LIC cosmetics plant

Traub Capital pays $75M for LIC cosmetics plant
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...