Long Island City Community Gets $65M Loan
- May 12, 2020
Lions Group NYC has refinanced One LIC, a recently completed, 110-unit Class A community in Long Island City, N.Y. The borrower received a $65 million Freddie Mac loan from Greystone, according to public records. The mortgage matures in 2036.
The new note pays down a previous $36 million construction loan provided by Bank Leumi in 2016 and consolidates an additional, $29 million loan into a single senior note. In 2006, the developer acquired the property’s quarter-acre site—then the site of a dated, two-story retail and residential structure—for $3.5 million from a private investor.
Located at 42-10 27th St., the 21-story tower opened its doors earlier this year. The community, expected to achieve LEED Certification, has studio and one- to three-bedroom floorplans. Amenities include a fitness center, community room and children’s playroom. At its base, the building has an independently owned level of parking and 8,645 square feet of street-level retail, home to a CityMD clinic, Starbucks and YOYOSO.
The transit-oriented property is 3 miles east of Midtown Manhattan. Additionally, One LIC is 1.5 miles from a two-tower multifamily development which scored a $445 million construction loan in January. Once complete, the property will have more than 1,100 units, 70 percent of which will be affordable.