The Real Deal New York

Lightstone lands $187M loan for LIC rental

Citibank financing ARC building at 30-02 39th Avenue
By Eddie Small | February 11, 2019 03:45PM

30-02 39th Avenue in Long Island City and Lightstone’s Mitchell Hochberg

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.

The David Lichtenstein-led firm also recently received a $113 million loan from Goldman Sachs for its project at 365 Bond Street in Gowanus. The 12-story rental building holds 430 units.