Lightstone seals $75M loan for LIC rental project

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

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

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