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New York

Meadow Partners lands $30M loan for LIC conversion

Jeffrey Kaplan of Meadow Partners and 42-15 Crescent Street
Jeffrey Kaplan of Meadow Partners and 42-15 Crescent Street

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.

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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

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