Fetner Properties and the Lions Group are marking full occupancy of the Bold rental building in Long Island City with a nine-figure loan.
PGIM Real Estate provided American Lions — the joint venture between the two developers — with a $111 million bridge loan to refinance the property at 27-01 Jackson Boulevard in the Queens neighborhood, Crain’s reported. A JLL Capital Markets including Christopher Peck, Nicco Lupo and Michael Shmuely arranged the financing.
“Securing this financing with PGIM validates both the strength of the asset and our long-term commitment to the community,” Hal Fetner said in a statement.
Leasing at the SLCE Architects-designed property began two years ago. The 28-story property features 164 units — 50 of which are designated affordable under the 421a tax abatement program — 101 self-storage units and 8,600 square feet of ground-floor retail space.
There’s also a gym, a media room and a public park shared between the property and the joint venture’s sister development across the street, the Italic.
The market-rate portion of the residences hit full occupancy last year, according to the developers.
Elsewhere in Long Island City, a joint venture between World Wide Group and Rabina recently secured a $160.2 million loan from KKR to refinance the 421-unit QLIC rental tower. The building features 421 apartments, 8,000 square feet of retail and also benefits from a tax abatement under the city’s former 421a program.
The Shirian family’s Lions Group closed last year with a $200 million construction financing package from Goldman Sachs’ Urban Investment Group for its Homestead Gateway project in Jersey City’s Journal Square neighborhood. The 34-story development will feature 360 units, including 270 market-rate and 90 affordable housing units, along with 3,000 square feet of ground-floor retail.
Meanwhile, a joint venture of Fetner Properties, MCB Real Estate and Farallon Capital acquired the 463-unit Fort Greene multifamily development at 240 Willoughby Street from Rabsky Group for $209.5 million in July.
The buyers secured a $141.5 million senior loan from M&T Realty Capital for the acquisition and launched leasing at the building, which includes 147 affordable housing units.
Read more
Lions Group lands $200M construction loan for Jersey City high-rise
Rabsky sells Fort Greene multifamily development for $210M
World Wide Group, Rabina obtain $160M loan in Long Island City
