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Lightstone seals $75M loan for LIC rental project
Canadian Imperial Bank of Commerce provides funding for 10-story, 428-unit development
David Lichtenstein’s Lightstone Group is funding its new 10-story rental building in Long Island City with a $75 million construction loan from the Canadian Imperial Bank of Commerce.
The mortgage from the Toronto-based lender will finance Lightstone’s ground-up development of 30-02 39th Avenue in the rising Queens neighborhood. The Midtown-based real estate investment firm is planning a 428-unit rental building holding studios and one- and two-bedroom apartments.
Monthly rents at the 413,000-square-foot development will start in the low-$2,000s per unit, according to the Commercial Observer, with amenities including an outdoor pool and sundeck.
Lightstone[TRData] broke ground on the project in November, having acquired the former parking garage site for more than $23 million in a deal that closed in January, according to property records.
The construction financing from the Canadian bank comes in the form of a $65.1 million building loan and a $9.9 million project loan.
Lightstone recently secured $330 million in financing for its hotel conversion of a 16-story Garment District office building at 485 Seventh Avenue. [CO] – Rey Mashayekhi