Lions Group Lands $350M for Queens Project
The Carlyle Group is an equity partner, and Brookfield is providing a loan.
The Italic. Rendering courtesy of JLL
American Lions, a joint venture between Fetner Properties and the Lions Group, has secured $350 million in debt and equity for The Italic, a 363-unit multifamily development in the Long Island City neighborhood of Queens, New York City.
The Carlyle Group is one of the equity partners and the debt includes a $35.8 million loan from Brookfield, public records show. JLL arranged the capital stack.
The community will comprise studio, one-, two- and three-bedroom floorplans averaging 770 square feet. Along with the 283,000 square feet of residential space, the property will also feature 10,000 square feet of retail space. Common-area amenities are slated to include a fitness center, golf simulator, coworking space and a basketball court. A total of 254 units will be market rate, while 109, or 30 percent, are designated as affordable.
Senior Managing Director Christopher Peck and Director Alex Staikos led the JLL team that arranged the bebt. The Equity advisory team was led by Senior Director Steven Rutman, along with Director Nicco Lupo.
A luxury project in the heart of Queens
Located at 26-32 Jackson Ave., at the intersection of Court Square and Queens Plaza, the property is roughly 3 miles from the Empire State Building. There are six subway stations within a half-mile radius, as well as numerous retail and dining options within walking distance, as well as a plethora of office employment clusters.
Development in the Queens market remains strong, with 11,628 units under construction at the end of the first quarter, Yardi Matrix data shows. Long Island City continues to sport the borough’s largest pipeline, totaling 4,369 units as of March. Elsewhere in the submarket, Werwaiss Properties also recently landed $131 million for a mixed-use high-rise.
