Bank Leumi lent $15.5 million to Hakimian Organization for a ground-up residential development at 41-32 27th Street in Long Island City, Commercial Observer can first report.
The bank provided a three-year construction loan with a Libor-based floating rate and interest-only payments for the full term.
Hakimian Organization is erecting a 15-story, 43-unit multifamily tower. Amenities at the property will include a rooftop, an indoor and outdoor lounge, a fitness center and storage for tenants. The family-run firm acquired the site for $5 million in May 2014, according to city records.
Merdian Capital Group’s Jeff Weinberg and Jonathan Bodner negotiated the financing on behalf of the borrower.
“Meridian worked seamlessly with the lender to arrange very competitive financing, uniquely tailored to the needs of our client, for this prime Long Island City development,” Mr. Weinberg said in prepared remarks.
A representative for the bank did not respond to requests for comment. A representative for Hakimian declined to comment.