CMBS Ladder Capital’s $ 20 Million Loan Refinances Prime LIC Retail Apartment: Commercial Observer

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Circle F Capital absorbed a debt of $ 20.3 million Capital ladder refinance a retail condominium in Prime LIC, a newly built, multi-purpose condominium in Long Island City, Queens, the Commercial Observer reported.

A 10-year, fixed-rate, commercial-mortgage-backed securities (CMBS) loan will refinance a 26,000-square-foot retail apartment that is partially located on the ground floor below a new 11-story residential complex at 22-43 Jackson Avenuewhich has been under construction for the last couple of years by the end of 2020

Circle F first caught $ 46 million in construction debt in 2017 to build The Prime, as previously reported by CO.

Keeping pace with refinancing, The Prime transformed itself into a one-stop grocery-centric complex last month, adding Trader Joe to a 10,000 square foot section of a commercial apartment. In early June, it was reported that the grocery chain scheduled to open on June 25, under 10 floors above, there are 70 residential buildings.

Co-heads of the New York-based structured debt and equity finance group in Newmark, Dustin Stolley as well as Jordan Roschlaub, led a team that was involved in the search and organization of debt financing, and Daniel Fromm as well as Adri Moses-Bailey

Fromm said Ladder “immediately recognized the opportunity to finance this retail condo and was able to close the deal without any disruption.” According to Newmark, the condominium includes 14,600 square feet of ground floor retail space and 11,400 square feet of underground retail space.

The hotel is located in the heart of Long Island City, steps from Court Square Subway Station, which offers direct access to Manhattan and most of Queens with the 7 Train, and Brooklyn with the G Train. a couple of blocks from Queensboro Plaza, the central metro hub serving other busy rail lines.

Prime is being shipped to market at a time when Long Island City is experiencing and anticipating relative growth in new residents, and new developments are in development to support growth – just across the street from G&M Realtycurrent project, 5Pointz, a 1,100-unit, 1.3 million-square-foot mixed-use housing estate expected to open this year.

“This place was a triumph for both Trader Joe’s and Circle F Capital. Located just one block from the 7th train, with access to Midtown in minutes and surrounded by thousands of leased apartments in just the past few years, this hotel is poised to become one of the city’s best shopping venues, ”Stolli said.

Mac Burke can be reached at: mburke@commercialobserver.com



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