American Lions, a joint venture (JV) between Fetner Properties and the Lions Group, has secured a $350m loan for a new mixed-use community in Long Island City, Queens, US.
The debt and equity capitalisation was arranged by real estate company JLL’s subsidiary Capital Markets. A JV equity was also arranged by JLL.
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The new 363-unit, luxury mixed-use community, dubbed as The Italic, will be located at 26-32 Jackson Avenue in Long Island City.
It will include 10,000ft² of commercial retail space and 283,000ft² of residential space.
The community will include 109 affordable units and 254 market-rate units, comprising a studio, one-, two- and three-bedroom floorplans upon completion.
It will feature amenities, including a basketball court, rooftop terrace, two-bay golf simulator and lounge, fitness centre, co-working space, and resident lounge.
The Italic will also have its own owner-provided Wi-Fi network and an embedded touchless SALTO ecosystem.
Court Square, Queensboro Plaza, Queens Plaza, and Court Square-23rd Street subway stations are located nearby the new mixed-use community.
JLL Capital Markets senior director Steven Rutman said: “We are thrilled to work with these experienced New York City real estate developers to bring much-needed mixed-income housing to one of the city’s most popular neighbourhoods.”
Senior managing directors Christopher Peck and Alex Staikos lead JLL’s Capital Markets Debt Advisory team.
JLL’s Capital Markets Equity Advisory team was led by senior managing directors Rob Hinckley and Steven Rutman and director Nicco Lupo.
