Metropolitan Bank Lends $22M on Development of Queens Charter School
Metropolitan Bank has provided a $21.5 million construction loan for the development of a charter school in Elmhurst, Queens, Commercial Observer has learned.
The school, at 45-20 83rd Street, is pre-leased to The Renaissance Charter School and being developed by Barone Management. It will eventually house 1,053 students.
Meridian Capital Group’s Adam Hakim and James Murad negotiated the debt.
When completed, the school will stand five stories tall and comprise 67,286 square feet. The Renaissance Charter School is one of the oldest and highest-ranked charter schools in New York City. With a location in Jackson Heights, Queens, this development represents the school’s second iteration.
In addition to the educational facility, the property also includes a 9,850-square-foot warehouse and parking lot that will be leased to a single tenant.
Back in July, Hakim and Murad arranged $280 million in debt and joint venture equity for the development of Cape Advisors‘ 30-77 Vernon Boulevard, a three-building rental property on Astoria’s waterfront that includes affordable units. The same month, the duo spoke with CO regarding the complexities of closing construction financing during a global pandemic.