Mavik Capital, Valley Bank and IDB Lend $107M on LIC Mixed-Use Tower
The transaction finances construction completion and lease-up of The Bold, being developed by Lions Group and Fetner Properties.
By Cathy Cunningham July 25, 2024 10:51 am
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Lions Group and Fetner Properties have sealed $107 million in financing for their new mixed-use tower in Long Island City, Queens, Commercial Observer has learned.
Valley Bank and IDB Bank teamed to provide an $80 million senior mortgage, while Mavik Capital Management provided a $27 million mezzanine loan in the deal, sources familiar with the deal said.
The debt finances the construction completion and lease-up of The Bold at 27-01 Jackson Avenue, which sits close to Queensboro Plaza and Court Square. The Bold will comprise a mix of multifamily units, retail and self-storage when completed in September.
The property sits next to The Italic, a 49-story rental building also being developed by Lions Group and Fetner Properties at 26-32 Jackson Avenue that’s expected to come online next summer. The family-run developers have extensive track records in investing in mixed-use projects in New York City, sources familiar with the deal said.
The Bold, a 27-story tower, spans 150,000 square feet and was designed by SLCE Architects, New York YIMBY reported. It will include 164 multifamily units — 50 of which are designated affordable housing — as well as 8,648 square feet of retail space and a 6,224-square-foot self-storage facility. Its self-storage component is already leased for the next three years, sources said.
Long Island City’s population has roughly doubled since 2000, and today its population sits at roughly 52,500 residents with a median age of 34, according to Point2.
The Bold and The Italic intend to draw in some of those young renters seeking luxury residences with top-tier amenities, which, in The Bold’s case, include a climbing wall and a resident lounge. The building is also close to a variety of restaurants, breweries, grocery stores and retail shops as well as multiple subway stations.
Led by CEO Vik Uppal, with Dan Cooperman as the firm’s head of investments, Mavik lends up and down the capital stack, and also focuses on special situation investments in the U.S. Today, it has more than $1 billion in assets under management, with recent deals including an $80 million stretch mortgage on a hotel conversion for Tidal Real Estate Partners in Savannah, Ga.; and a $10 million preferred equity investment on Kingsbarn Realty Capital’s acquisition of a Tesla dealership building in Lake Elmo, Minn.
Lions Group, Fetner Properties, Valley Bank, IDB and Mavik officials didn’t immediately return requests for comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
