Shibber Khan locks down $79M refi at new LIC apartment building

NYCB also loaned $23M gap mortgage

Apr.April 08, 2019 02:00 PM
Criterion Group owner Shibber Khan of  and a rendering of 11-39 49th Avenue

Criterion Group owner Shibber Khan of  and a rendering of 11-39 49th Avenue

Shibber Khan’s Criterion Group refinanced one of its new apartment complexes in Long Island City.

New York Community Bank provided about $79.4 million to the Queens-based developer for its 194-unit Hunters Landing property at 11-35 49th Avenue, according to property records filed Monday. The deal includes a roughly $23.3 million gap mortgage.

Criterion and NYCB did not immediately return messages seeking comment.

Criterion filed plans in 2015 to construct the 12-story complex, located a couple blocks from the waterfront Gantry Plaza State Park, after picking up the site for $13.5 million.

Previous reporting indicated that Jorge Madruga’s Maddd Equities was a partner in the project, but it was not immediately clear if that was still the case.

Rents for available apartments range from $2,361 for a two-room studio to $4,800 for a two-bedroom apartment, according to listings on StreetEasy. Nest Seekers International is handling leasing.

The developer earlier this year filed plans to build a 255,000-square-foot self-storage facility in Queens, marking a departure for the firm, known mostly for its multifamily developments around the borough.

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