Eastern Consolidated Arranges $22.75 Million Construction Loan to Redevelop Long Island City Residential Building
NEW YORK, NY – January 3, 2018 – Eastern Consolidated’s Capital Advisory Division has arranged a $22,750,000 construction loan to redevelop an existing eight-story mixed-use building at 5-33 48th Avenue in Long Island City.
Adam Hakim, Managing Director, James Murad, Director, and Andrew Iadeluca, Associate Director, exclusively represented the borrower, Circle F Capital, and secured the loan from Centennial Property Finance.
The sponsors are purchasing the residential condominium portion of the property from the seller who initiated the building’s condominium conversion and will retain the retail portion of the building as a separate condominium unit.
Upon completion, the sponsors will offer for sale 43 residential apartments along with parking and storage across approximately 50,000 square feet.
“This project is a redevelopment of an existing building but will be fully gut renovated to include top-of-the-line finishes in 43 units, ceiling heights of up to 13 feet, and amenities,” Hakim said.
The residential part of the property includes lobby space on the first floor, amenity space on the second floor, residential units on floors three through eight of the building, and lower level space for parking and storage.
The property is very well located in Long Island City, just 1.5 blocks east of the waterfront and 2.5 blocks north of the Vernon Blvd 7 train subway station, which is one stop from Grand Central.
This is the second loan Eastern Consolidated has arranged for Circle F Capital recently. In December 2017, Hakim and his team arranged a $46.2 million construction loan from Brookfield Real Estate Financial Partners to finance a ground-up condominium development at 22-43 Jackson Avenue in Long Island City.
Powered by a highly skilled team of over 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter@EasternConsol.
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