$81M Loan to Transform Vacant Lofts in Long Island City

Normandy Real Estate Partners borrowed $81 million from Deutsche Bank to finance the acquisition and repositioning of 25-11 49th Ave. in the Long Island City neighborhood of Queens.

Normandy, in partnership with Keystone Equities and Drake Street Partners, plans to add nine stories of new construction to the existing two-story, 135,000-square-foot loft-style property. The renovated property will open in summer 2019, with 11 stories and 238,000 square feet.

Ownership plans on re-leasing the newly renovated space to a variety of tenants, but primarily those in the creative and TAMI sectors.

“This property is ideally located near main transportation hubs, which represent part of the growing appeal of this neighborhood. This is an excellent opportunity for tenants, and it will allow them to recruit and retain quality talent,” said Dustin Stolly of NKF Capital Markets, who with Jordan Roeschlaub brokered the loan.

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