Lightstone has closed on $187 million in financing for a large rental building in Long Island City, the company announced Monday.
Citibank provided the loan for the ARC, a 428-unit rental project at 30-02 39th Avenue. Amenities at the building, which leased up in August, include a rooftop pool, outdoor dining cabanas and bocce courts.
Lightstone purchased the former parking garage site in January 2016 for about $23 million and broke ground on the project in November of that year. It secured a $75 million loan from Canadian Imperial Bank of Commerce that year.