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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.”
- ◦Development
- ◦Financing
