Terra Developers Lands $70M Loan in Long Island City

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Another project is springing up in Long Island City, receiving the benefit of $70 million in construction financing.

Maxim Capital Group provided Queens-based Terra Developers with the financing package for the project at 11-33 44th Drive in Long Island City’s Hunters Point neighborhood, the Commercial Observer reported. The financing will support an eight-story, 113-unit project with ground-floor retail space and 23 parking spots.

“The project combines strong fundamentals: a well-located site, seasoned local sponsors with market expertise, and a compelling condominium price point,” Maxim Capital managing director Josh Greene said.

Newmark’s Max Ralby arranged the debt.

Terra and its fellow investors acquired the 180,000-square-foot development site in 2024 for $27.6 million. Terra is expected to complete the development in approximately 13 months.

There’s plenty of development activity in Long Island City, which has drawn special interest from New York City itself.

In July, Montperia Group and JLS Construction Group secured a $115 million construction loan from Maxim Credit for a 216-unit condo tower with ground-floor retail at 24-02 Queens Plaza South in Long Island City. The property was previously owned by Carlyle Group, which acquired it in 2020 for $40 million, intending to build a commercial property, but later sold it to Montperia Group in 2023 for $49 million.

In November, the City Council approved the final neighborhood rezoning under Eric Adams’ administration, encompassing 54 blocks in Long Island City.

The plan is projected to allow for 14,700 new homes, including 4,300 affordable units and includes changes like deeper affordability requirements and building height limits in some areas; Council member Julie Won’s support was contingent on a $1.9 billion commitment from City Hall for infrastructure and community benefits.

And last year, the city’s Department of Housing Preservation and Development released a request for proposals for a 70,000-square-foot parcel within the 30-acre Hunter’s Point South site. Submissions for the project were due in early September.

— Holden Walter-Warner