Eastern Consolidated Secures $46.2 Million Construction Loan to Finance Ground-Up Condominium Development in Long Island City
NEW YORK, NY – December 18, 2017 – Eastern Consolidated’s Capital Advisory Division has arranged a $46.2 million construction loan from Brookfield Real Estate Financial Partners to finance a ground-up condominium development that will include 70 residential units and two levels of retail at 22-43 Jackson Avenue in Long Island City.
Adam Hakim, Managing Director, James Murad, Director, and Andrew Iadeluca, Associate Director, secured the loan on behalf of the borrower, Circle F Capital LLC.
“We were delighted to assist the sponsor with this condominium development, which will allow individuals the opportunity to buy an apartment in Long Island City where nearly 80 percent of the new residential construction since 2006 has been for rental units,” Hakim said.
Interior designer Andres Escober is bringing his signature style to the project, creating 11-foot high ceilings throughout, outdoor space in all units, a fitness center, business center, children’s playroom, common outdoor spaces, and bicycle storage.
The vacant, 5,000-square-foot commercial building currently on the corner of Jackson Avenue and 46th Avenue will be demolished to make way for the new development.
The excellent corner location is across the street from the 1.2 million-square-foot 5 Points mixed-use project and within four blocks of the 7, G, E and M subway stops, which enable commuters to reach Manhattan and Grand Central Station less than 10 minutes.
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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