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Eastern Union Arranges $72M Financing on LIC Condos
Eastern Union VP Chaim Greenfeld has secured $72 million in construction financing toward the development of a 117-unit luxury condominium project in Long Island City. Naftali Credit Partners provided an $18-million mezzanine loan to the owner of the new condo, New Empire Corporation. Naftali also structured and syndicated the senior position to Axos Bank for a total of $72 million in financing.
“It’s always challenging to find the right lender in today’s market, especially when it comes to securing construction financing for a luxury condo project like this,” said Greenfeld. “In this case, it was helpful that Eastern Union had existing relationships both with the lender and the developer.”
Located at 24-01 Queens Plaza North, the 19-story property will total 119,625 square feet, including 1,828 square feet of commercial space. The project is located at Queens Plaza, directly across from the Queensboro Bridge. The architect is ODA New York.
- ◦Financing
