Meadow Partners lands $30M loan for LIC conversion
Meadow Partners, an investment fund based in Midtown, has nabbed a $30 million senior loan for the conversion and recapitalization of 42-15 Crescent Street in Long Island City, GlobeSt reported. The nine-story property — formerly an office and retail building — will turn into a 124-unit, 10-story multi-family development with retail.
Specific plans call for tacking on a 7,000-square-foot penthouse space to the building, plus 7,395 square feet of ground-level retail. Residential components will include studios, one- and two-bedrooms with an average of 723 square feet.
Pre-development work will take place over the coming months. Completion is slated for early 2015.
Meadow purchased the site for $19 million in December, and comes as part of several acquisitions the firm has recently made, The Real Deal reported.
The loan came from real estate financing firm PCCP, LLC. [GlobeSt] —Zachary Kussin