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LIC Multifamily Tower Secures $111M Bridge Loan from PGIM
American Lions, a joint venture between Fetner Properties and Lions Group, secured a $111-million bridge loan for The Bold, a 28-story, 164-unit multifamily tower located at 27-01 Jackson Ave. in Long Island City. The financing, provided by PGIM Real Estate, was arranged by JLL Capital Markets.
The JLL Capital Markets team representing the borrower was led by senior managing director Christopher Peck, senior director Nicco Lupo, managing director Michael Shmuely, director Alex Staikos and VP Adam Dietrich.
“The Bold represents the culmination of a decade-long vision to help shape the evolution of Long Island City into one of New York City’s most dynamic live-work-play neighborhoods,” said Hal Fetner, president and CEO of Fetner Properties. “Securing this financing with PGIM validates both the strength of the asset and our long-term commitment to the community.”
The Bold is the sister building to The Italic located across the street. Both properties were designed by SLCE Architects and share a public park also developed by Fetner and Lions Group.
- ◦Financing
