Columbia Pacific Lends $28M to Refi Site of LIC Self-Storage Project
By Mack Burke December 5, 2019 5:44 pm
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Criterion Group has nabbed $28 million in bridge financing from Columbia Pacific Advisors’ bridge lending platform to refinance a planned self-storage development site in Long Island City, Queens, the lender announced this week.
The financing helps facilitate the ground-up construction of a new, 257,000-square-foot self-storage and retail property on a roughly 51,500-square-foot site at 31-08 Northern Boulevard. Completion of the asset is expected in 2021, according to information from Columbia Pacific. Commercial Property Executive first reported news of the deal.
“Long Island City is the fastest growing neighborhood in New York, and this property will help fulfill the area’s increasing demand for self-storage space,” Will Nelson, senior vice president of real estate lending at Columbia Pacific Advisors, said in prepared remarks.
Criterion acquired the development site, which previously housed a two-story, 14,500-square-foot taxi garage facility, in 2015 for $40 million from Joel Gluck, who heads up Spencer Equity Group. In all, that deal included five parcels — one of which housed the taxi garage — from 31-08 and 31-16 Northern Boulevard.
“We are looking forward to building a self-storage and retail facility that will serve the residents and businesses of Long Island City as it continues to expand,” Criterion Founder and Principal Shibber Khan said in a prepared statement.
