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Twining, CBD secure $70M loan for 27-story LIC resi project
The 124K-square-foot rental building to be called Watermark Court Square
Twining Properties and partner CBD secured $70 million in debt and equity to fund the development of a 27-story, 168-unit residential rental building in Long Island City.
Watermark Court Square, a proposed 124,500-square-foot property, will hold a mix of studios, and one- and two-bedroom apartments. There will also be 2,500 square feet of retail space at the building, located at 27-19 44th Drive between Thomson and Jackson avenues.
“We just think that Long Island City is going to continue to grow and be a really exciting place to live,” Twining Properties CEO Alex Twining told the New York Observer.
Long Island City’s Court Square is amid a building boom. Flushing-based developer Chris Jiashu Xu filed plans for a massive 79-story, 778,000-square-foot residential tower just north of One Court Square at 23-15 44th Drive.
Construction on Watermark has begun and is slated to be complete in 2017.
Cushman & Wakefield’s Steve Kohn, Mark Ehlinger and John Spreitzer arranged the financial package, which also included $38 million in debt from Santander Bank, according to city records. The rest of the financing was from joint venture equity. [NYO] — Dusica Sue Malesevic