Maxim Capital Lends $115M on Long Island City Condo Tower Build 

A joint venture between Montperia Group and JLS Construction has landed $115 million of construction financing to build a condominium tower in Long Island City, Queens, Commercial Observer has learned. 

Maxim Capital Group provided the loan for the sponsorship’s planned 207-unit condo building at 24-02 Queens Plaza South in Long Island City’s Hunters Point neighborhood at the site of the former Apex Technical School. 

Montperia Group and JLS Construction acquired the property for $49 million in August 2023 from Carlyle Group, which had initially pursued building a 270,000-square-foot commercial building, The Real Deal previously reported. 

Arrow Real Estate Advisors arranged the transaction with a team consisting of Morris Betesh, Alex Bailkin, Matt O’Hanlon and Andrew Rosenberg.

Betesh, founder and managing partner at Arrow, said in a statement that the project is in an “evolving submarket of Long Island City” that has “experienced significant growth and transformation in recent years.”

The 38-story tower is slated for completion in September 2027, according to Arrow. Community amenities will include a fitness center, a sauna, rooftop gardens and an outdoor barbecue area. 

“We are pleased to have closed on the construction financing for this transformative condominium project in Long Island City,” Adam Glick, founder and senior partner at Maxim Capital Group, said in a statement. “This milestone reflects our confidence in the strength of the Queens market and our commitment to financing high-quality residential product to meet the continued demand in the area.” 

Officials at Montperia Group and JLS Construction did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com