Finance Deals of the Week: $215M Construction Loan in Long Island City
The top five financings from May 6 to May 10
By The Editors May 10, 2024 9:00 am
reprints
Lending continued at the start of May with a massive $215 million construction loan provided by Kennedy Wilson and Related Fund Management to Grubb Properties to build a new 26-story multifamily apartment complex in Long Island City. There also was a huge $141.5 million construction package sourced by Related Fund Management in tandem with Kennedy Wilson Capital and United Fire Insurance Company in Florida.
The lending heated up on the industrial side, as well, with Stephen Palmese’s Integritas Capital lending $53 million so an owner could refinance vacant industrial space in Brooklyn. Take a look below for all the week’s largest loans!
| Loan Amount | Lender | Borrower | Address | Property Type | Broker |
|---|---|---|---|---|---|
| $215 million | Kennedy Wilson and Related Fund Management | Grubb Properties | 25-01 Queens Plaza North; Queens | Multifamily | CBRE's Elliott Voreis, Nate Sittema, Kristen Reilley and Owen Hall |
| $142 million | Related Fund Management, Kennedy Wilson Capital and United Fire Insurance Company | Related Group, Sydell Group, Tricap | 2700 NW Second Avenue; Miami | Condominium | N/A |
| $64 million | Lincoln Financial Group and PCCP | Bixby Land Company | 11145 and 11150 Inland Avenue; San Bernardino, Calif. | Industrial | N/A |
| $53 million | Integritas Capital | John Quadrozzi Jr. | 699 Columbia Street; Brooklyn | Industrial | N/A |
| $53 million | Bain Capital Real Estate and Oliver Street Capital | Barings | 140 Summit Street Peabody, Mass. | Industrial | Colliers' John Broderick and Patrick Boyle |
Finance Deals of the Week reflect deals closed or announced from May 6 to May 10. Information on financings can be sent to editorial@commercialobserver.com.
