Kriss Capital Supplies $32M Construction Loan for Long Island City Condos
By Andrew Coen August 31, 2022 10:17 am
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Gus Vorillas’ First Elite Management has sealed $31.5 million of construction financing for its mixed-use condo development in Long Island City, Commercial Observer has learned.
Kriss Capital provided the loan for the developer’s project at 27-09 40th Avenue that will feature 56 condo units, retail and parking. The debt package closed at a 72 percent loan-to-cost for a two-year term.
Big Think Capital’s Dan Israel and Stephen Rodriguez arranged the transaction.
“This is a terrific 18,000-square-foot corner site that will bring much-needed residential units and community retail to an area that’s underserved,” Kriss Capital Principal Jody Kriss said in a statement. “The loan closed during a tumultuous time in the debt markets, demonstrating Kriss Capital’s commitment to lending on high-quality developments despite market hiccups.”
Kriss added that First Elite recently completed and sold out another Queens condo project called The Ely in Astoria.
In addition to condo units, the HCN Architects-designed development in Long Island City’s Dutch Kills neighborhood will also feature 17,5000 square feet of retail space and a 113-space indoor parking garage. All residences will have either an outdoor terrace or balcony with building amenities featuring a fitness center, a resident’s lounge and a rooftop sun deck.
Completion is slated for August of 2024.
Officials at First Elite Management did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
