Columbia Pacific Lends $28M to Refi Site of LIC Self-Storage Project

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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.

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“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.