Piermont Properties has received $61 million in cash-out refinance for Q-East, a recently completed mixed-use property in Queens. The three-year loan features a LIBOR-based floating rate, full-term interest-only payments and extension options. The new mortgage allowed the borrower to pay off the existing $38.5 million loan funded by Bank OZK.
The property is located at 178-02 Hillside Ave., at the intersection of the Jamaica Estates and Jamaica Hills neighborhoods. It is the area’s first large-scale luxury residential development in decades and sits 30 minutes away from both Manhattan and Nassau County via the nearby F subway train.
Completed in 2019, the eight-story asset features 131 studios, one-, and two-bedroom units. In addition to this, Q-East includes 25,000 square feet of medical office space and 10,450 square feet of retail space leased to CVS. Amenities include coworking space, a fully equipped fitness center, landscaped courtyard, media lounge, doorman and laundry center.
A Meridian Capital Group team comprising Senior Managing Director Adam Hakim, Director Andrew Iadeluca and Senior Vice President James Murad arranged the financing. Last year, the company brokered a $138.6 million ground-up construction loan for a luxury condo in Manhattan.