$82.9M Financing for Long Island City Condos
CBSK Ironstate received an $82.9-million package of financing to build a new luxury condominium building in the Court Square neighborhood of Long Island City in Queens.
“This development will bring an attractively-priced for-sale product to help meet the high demand for condominiums in Long Island City, a hub of commerce and creativity,” said Scott Shnay, principal for CBSK Ironstate, which partnered with Argentina-based Planet Partners to develop an eight-story building with 85 residences at 21-30 44th Dr.
Canyon Partners Real Estate provided $21.1 million of preferred equity to the development. Maverick Capital Partners also arranged a $61.8-million senior construction loan from Deutsche Bank.
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