Property Markets Group, in partnership with the Hakim Organization and Howard Lorber’s New Valley, secured a $212.5 million refinancing of their new 44-story Long Island City rental tower 1 QPS, the developers confirmed to The Real Deal.
Deutsche Bank provided the senior loan, with SL Green Realty and Apollo Global Management serving as the mezzanine lenders, the developers said. The refinancing replaces $148.5 million in construction loans Deutsche gave to the developers back in 2014, property records show.
Construction wrapped earlier this year and tenants began moving in in February. Of the 390 apartments, 150 have been leased, a PMG [TRDataCustom] spokesperson said. Rents range from the high $2,000s for a studio to as much as $6,000 for a two-bedroom.
From left: Keith Kurland and Aaron Appel (Credit: Catherine Gibbons)
A JLL team led by Aaron Appel, Keith Kurland and Mark Fisher brokered the financing. Douglas Elliman Development Marketing is handling leasing.
At the 481 feet, the tower is one of the tallest in Long Island City.
The developers have also been looking to sell the tower. In August, when it was vacant, they began marketing it for sale.
Earlier this week, PMG, led by Kevin Maloney, was accused in a lawsuit of costing Brad Zackson, business partner of Paul Manafort, his share of agreed-upon profits for failing to develop the Clock Tower site in Long Island City.