Lightstone seals $75M loan for LIC rental project

Canadian Imperial Bank of Commerce provides funding for 10-story, 428-unit development

TRD New York /
Apr.April 12, 2016 06:00 PM

David Lichtenstein’s Lightstone Group is funding its new 10-story rental building in Long Island City with a $75 million construction loan from the Canadian Imperial Bank of Commerce.

The mortgage from the Toronto-based lender will finance Lightstone’s ground-up development of 30-02 39th Avenue in the rising Queens neighborhood. The Midtown-based real estate investment firm is planning a 428-unit rental building holding studios and one- and two-bedroom apartments.

Monthly rents at the 413,000-square-foot development will start in the low-$2,000s per unit, according to the Commercial Observer, with amenities including an outdoor pool and sundeck.

LightstoneTRData LogoTINY broke ground on the project in November, having acquired the former parking garage site for more than $23 million in a deal that closed in January, according to property records.

The construction financing from the Canadian bank comes in the form of a $65.1 million building loan and a $9.9 million project loan.

Lightstone recently secured $330 million in financing for its hotel conversion of a 16-story Garment District office building at 485 Seventh Avenue. [CO]Rey Mashayekhi

Related Articles

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

Lightstone Group Chairman and CEO David Lichtenstein and the Tel Aviv Stock Exchange (Credit: Lightstone and iStock)

Lightstone becomes third NYC developer in a week to plan new Tel Aviv bond issuance, targeting $73M

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

Corcoran President & CEO Pamela Liebman (Credit: Corcoran, Getty Images)

Welcome to Queens: Corcoran opens first borough outpost

Lightstone Group CEO David Lichtenstein and Moxy Chelsea at 105 W 28th Street (Credit: Lightstone and Facebook)

Lightstone gave its neighbors $7M to build a hotel. Then the neighbors secretly went to war, suit claims.

A rendering of Skyline Tower (Credit: Skyline Tower LIC)

A luxury development in LIC is to blame for viral subway flooding video: MTA