Lightstone seals $75M loan for LIC rental project

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

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

arrow_forward_ios
One Court Square in Long Island City QNS and Savanna managing director Brian Reiver (Wikipedia, Loopnet, Getty))
Savanna’s LIC office tower nabs big tenant
Savanna’s LIC office tower nabs big tenant
A photo illustration of Tishman Speyer CEO Rob Speyer and 28-10 Jackson Avenue in Long Island City (Getty Images, Tishman Speyer, Google Maps)
LIC tenant claims Tishman Speyer violated rent stabilization
LIC tenant claims Tishman Speyer violated rent stabilization
Carmel Partners' Ron Zeff and a rendering of the LIC project (Getty Images, Carmel Partners, Privcap)
Carmel Partners nabs $364M loan for Queens development
Carmel Partners nabs $364M loan for Queens development
Chris Jiashu Xu and the Skyline Tower (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images, Jim.henderson, CC BY-SA 4.0 - via Wikimedia Commons)
Skyline’s $1B slog: The quest to sell out Queens’ tallest building
Skyline’s $1B slog: The quest to sell out Queens’ tallest building
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
arrow_forward_ios

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

Loading...