Bank OZK Provides $29M Construction Loan for Queens Mixed-Use Project
Piermont Properties has landed $29 million in construction financing for a new mixed-use development in Queens, Commercial Observer has learned.
Bank OZK provided the 36-month debt in a transaction arranged by Meridian Capital Group’s Adam Hakim, James Murad and Andrew Iadeluca.
Piermont Properties — led by Michael Grey and Jeff Novick — are developing the luxury property at 188-11 Hillside Avenue in the Jamaica Estates neighborhood of Queens, after filing permits in July, 2019. When completed, the seven-story, 120,905-square-foot building will include 101 residential units and 19,655 square feet of medical office space. The asset will also feature a 75-space parking garage for residents and medical tenants.
The property was designed by Meltzer/Mandl Architects.
“Bank OZK provided Piermont Properties with attractive financing that will allow for the completion of this new, best-in-class, mixed-use development in the center of Jamaica Estates,” Hakim said in prepared remarks. “The building will not only provide Manhattan-quality luxury housing at attractive Queens rents but will also provide the market with class-A medical office space, which has historically been vastly under supplied in this submarket.”
Piermont has another mixed-use property with a medical office component not too far away, Q-East at 178-02 Hillside Avenue. The asset consists of 131 apartments with 25,000 square feet of medical office space and a 10,000-square-foot storefront that was pre-leased to CVS during the property’s development. As previously reported by CO, Piermont landed a $61 million refinance from Annaly Capital in December in a transaction that was also negotiated by the same Meridian team.
Bank OZK officials couldn’t immediately be reached for comment.