KKR Provides $160M Refi for Long Island City Resi Tower
By Andrew Coen February 3, 2026 1:11 pm
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A joint venture between World Wide Group and Rabina has landed a $160.2 million loan to refinance a multifamily tower in Long Island City, Queens, Commercial Observer can first report.
KKR originated the loan for the sponsorship’s 421-unit QLIC project that debuted in late 2015. The development benefits from a remaining tax abatement agreement under New York City’s former 421a program, according to JLL, which arranged the transaction.
JLL negotiated the debt with a capital markets advisory team led by Christopher Peck, Lauren Kaufman and Michael Shmuely.
“QLIC is an ideally located, superior-quality asset with strong operating fundamentals and meaningful embedded upside,” Peck said in a statement. “The financing structure is designed to support the sponsors’ long-term strategy while capitalizing on the property’s stability, cash flow and remaining tax abatement.”
Located at 41-42 24th Street, QLIC comprises 55 studios, 297 one-bedroom apartments, 53 two-bedroom units and 16 three-bedroom units along with 7,987 square feet of ground-floor retail. Community amenities include a fitness center, a rooftop pool with cabanas, a media lounge, communal workspace and on-site parking.
“QLIC exemplifies the type of high-quality, stabilized asset we look to support, with durable cash flow, high occupancy, and a prime, transit-oriented location in Long Island City,” Adam Simon, managing director at KKR, said in a statement.
Representatives for World Wide Group and Rabina did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
