BHI, Be Aviv Lend $69M on Long Island City Condo Property Build
By Andrew Coen June 8, 2023 2:12 pm
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Century Development Group has nabbed $69 million of construction financing to build a condominium development in Long Island City, Queens, Commercial Observer can first report.
BHI led the senior loan and Be Aviv provided the mezzanine debt on Century’s planned 115-unit condo project at 11-36 45th Road. The project includes 59 parking spaces in the basement level.
Century purchased the development site from Indian religious organization Radha Soami Society Beas for $26 million in 2019, according to property records, with the developer delivering community space to the group as part of the project. Radha Soami Society Beas previously operated a Science of the Soul Study Center at the site.
“BHI remains committed to supporting continued property development and our client’s vision,” Mimi Vu, first vice president of commercial real estate financing at BHI, said in a statement. “This project is a testament of a great partnership between the client and lending group.”
Meridian Capital Group’s Morris Betesh and Omar Ferreira arranged the transaction out of the firm’s New York City headquarters.
The seven-story property will include studio, one-, two- and three-bedroom condos spanning a total of 130,135 square feet. There will also be 23,000 square feet of ground-floor commercial space and an additional 8,000 square feet on the property’s cellar level.
“The lead bank, participant and mezzanine lender worked in close coordination to ensure this transaction went smoothly for the borrower,” Betesh said in a statement.
Officials at Century Development Group did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
