China Vanke, Adam America score $99M loan to build LIC condo

Developers planning 182 units for their first Queens project

TRD New York /
Jul.July 07, 2017 01:15 PM

From left: China Vanke’s Yu Liang, Adam America’s Omri Sachs, JLL’s Aaron Appel and a rendering of 22-12 Jackson Avenue (Credit: Getty Images, Catherine Gibbons and ODA)

China Vanke and Adam America Real Estate pulled off a $98.5 million construction loan for their 182-unit Long Island City condominium project at 22-12 Jackson Avenue.

Israel-based Bank Leumi provided the financing for the development of the 11-story, 205,000-square-foot property, according to JLL, which brokered the deal.

For both developers, the project marks their debut in Queens. Adam America’s developments have otherwise been almost entirely in Brooklyn. Adam America and frequent collaborator Slate are also partnering with Vanke, China’s largest property developer, on the development of a 33-story Downtown Brooklyn condo and the controversial Rivington House conversion on the Lower East Side.

Vanke came into the project last fall when it bought out MSD Partners, an investment advisory firm led by principals of Michael Dell’s family office MSD Capital. MSD and Adam America had jointly acquired the development site – then a parking lot – from plastics manufacturer Plaxall for $43.5 million in 2015.  Santander Bank financed the acquisition.

Then, in 2016, the developers filed plans with the Department of Buildings. The property, which is being designed by ODA New York, is slated to have a 5,000-square-foot ground-floor retail component. Construction is expected to be complete by late 2019.

Vanke has a 70 percent stake in the project, according to the firm’s public filings.

JLL’s Aaron Appel, Keith Kurland and Michael Diaz brokered the deal.

“Construction financing continues to be available for high-end developments that boast experienced sponsors who have pin-pointed consumer demand,” Appel said in a statement.

Representatives for Vanke and Adam America could not be reached.

Last month, Vanke’s founder, Wang Shi, stepped down after two years of shareholder infighting.

(To view more properties in development in Long Island City, click here)

Related Articles

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

U.S. Rep. Alexandria Ocasio-Cortez and Sunnyside Yards (inset) (Credit: Getty Images and Wikipedia)

AOC resigns from Queens megadevelopment steering committee

Renderings of 130-02 South Conduit Avenue and Triangle Equities’ Joshua Weingarten (Credit: Terminal Logistics)

Triangle Equities lands $87M loan for massive JFK warehouse project

From left: 172 Madison Avenue, 100 East 53rd Street, Woolworth Tower, 53 West 53rd Street, 615 10th Avenue

Loan wolves: Bankers are stalking developers as debts come due

State Sen. Julia Salazar and Assembly member Harvey Epstein proposed the tax this month in an effort to disincentivize real estate speculation (Credit: iStock, Getty Images)

Experts take issue with proposed tax on mezzanine loans

Brookfield's largest-ever $15B property fund has invested in properties from New York (666 Fifth Avenue) to Bangalore (the Leela Palace hotel) (Credit: Brookfield, Getty Images, Leela)

Real estate fundraising hits lowest level since 2013

Some investors continue to find U.S. commercial real estate as attractive places to park their capital (Credit: iStock)

Brexits and Bubbles: How investors view Europe’s shaky real estate market