Lightstone Secures Additional $30M Mezz Loan for LIC Project
Cathy Cunningham May 23, 2016, 12:02 p.m.
CIM Commercial Trust Corporation has provided a $30 million mezzanine loan to Lightstone Group for the development and construction of its 10-story rental building at 30-02 39th Avenue in Long Island City. The financing was provided through CMCT affiliate CIM Real Estate Credit, according to property records.
Canadian Imperial Bank of Commerce and First Niagara Bank also lent $75 million on the building last month, as reported by Commercial Observer, bringing the property’s total financing to $105 million.
The 415,000 square foot residential rental property will be located in Long Island City, at 30-02 39th Avenue. Construction commenced in November, 2015, and leasing is anticipated to begin in the summer of 2017 for opening in the fall of 2017. The property will be highly-amenitized and include an outdoor pool and sundeck, residents’ lounge, indoor valet parking and collaborative work spaces. Additionally, the building includes a fitness facility that will feature a yoga studio, spin room, boxing studio, basketball court and golf simulators.
“We’re excited about expanding our portfolio in Long Island City after first having identified its tremendous potential in 2011 with Gantry Park Landing,” said Lightstone President Mitchell Hochberg in prepared remarks. “30-02 39th Avenue will be a new benchmark in our ability to combine the high-design boutique hotel aesthetic with luxury amenities.”
Officials at CMCT did not immediately respond to requests for comment.