$51 Million Construction Loan from CIBC Funds Lightstone Multifamily
A Long Island City residential project is underway thanks to a $51 million construction loan provided by Canadian Imperial Bank of Commerce.
The Lightstone Group and its sponsored, non-traded REIT Lightstone Value Plus are constructing the 199-unit multifamily property at 50-01 2nd Street along the East River in Long Island City. Financing from CIBC closed September 28, 2012.
Expected to be completed by April 2014, the development will be 12-stories. It will include a fitness center, 24-hour doorman services, a yoga studio and other high-end amenities.
“We are excited to be moving forward with this project and have CIBC as our partner,” said David Lichtenstein, the Lightstone Group’s chairman and CEO. “This transaction shows the confidence CIBC has in the Lightstone Group and the commitment that we at Lightstone have to development in New York City, as 50-01 2nd Street is one of several projects we have underway here.”
Some of those other projects include 700 residential units at 363-365 Bond Street and 400 Carroll Street in the Carroll Gardens neighborhood of Brooklyn and the redevelopment of a 1-million-square-foot retail space that Lightstone purchased at 2505 Bruckner Boulevard in the Bronx.
The base of the 50-01 2nd Street building will include approximately 12,000 square feet of retail, which is currently being marketed by Winick Realty Group. Hal Shapiro, one of the Winick agents on the space, told The Mortgage Observer that interested tenants have included food uses and childcare operators.