Kriss Capital Provides Construction Loan on LIC Condo Project
Kriss Capital provided a $31.5-million construction loan for a mixed-use ground up development that includes 46 residential condominium and retail in the Dutch Kills neighborhood of Long Island City. The loan was 72% LTC for a two-year term. Dan Israel and Stephen Rodriguez of Big Think Capital were the deal’s mortgage brokers.
The borrower, developer Gus Vorillas of First Elite Management, hired HCN Architects to design the new development at 27-09 40th Ave. Along with the condo units, it features 17,500 square feet of retail space and a 113-space indoor parking garage. Completion is expected in August of 2024.
“This is a terrific 18,000-square-foot corner site that will bring much-needed residential units and community retail to an area that’s underserved,” said Kriss Capital principal Jody Kriss. “The loan closed during a tumultuous time in the debt markets, demonstrating Kriss Capital’s commitment to lending on high quality developments despite market hiccups.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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