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
From left: Century Development's Group’s George Xu and City/Rybak Development’s Sergey Rybak with 78-29 Austin St./11-36 45 Road
Rybak, Century file to build Queens multifamily projects
Rybak, Century file to build Queens multifamily projects
Tavros Capital’s Nicholas Silvers and Charney Companies’ Sam Charney in front of 24-05 thru 24-19 Jackson Avenue in Long Island City (Getty Images, Tavros Capital, Charney Companies, Google Maps)
Tavros, Charney plan 55-story rental on long-stalled site
Tavros, Charney plan 55-story rental on long-stalled site
IPG's Andrew Chung with rendering 23-30 Borden Avenue (Innovo Property Group)
Andrew Chung lands major refi for LIC last-mile project
Andrew Chung lands major refi for LIC last-mile project
Knickpoint Ventures' Matthew Sprayregen with 160 John Street and 37-19 Crescent Street (Knickpoint Ventures, Google Maps)
Sprayregen son sells self-storage for $56M payday
Sprayregen son sells self-storage for $56M payday
38-59 11th Street in Long Island City (Gene Kaufman Architect, iStock)
Daryl Hagler books $63M Long Island City hotel sale
Daryl Hagler books $63M Long Island City hotel sale
Criterion Group's Shibber Khan and 31-08 Northern Boulevard in Long Island City (Criterion Group
Criterion sells LIC self-storage for $80M
Criterion sells LIC self-storage for $80M
27-28 Thomson Ave (Street Easy) NY, Penthouse
Hunters Point penthouse sale breaks LIC record
Hunters Point penthouse sale breaks LIC record
Vorea Principal's Peter Papamichael with 10-04 Borden Ave (Vorea Group, iStock)
Skydiver lands first NYC location in Long Island City
Skydiver lands first NYC location in Long Island City
arrow_forward_ios

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

Loading...