Financing Secured for LIC Property
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Senior and mezzanine financing has been secured for the acquisition and pre-development of 42-50 24th St. in the Long Island City section of Queens.
NEW YORK CITY—Validating Long Island City high buzz factor, nearly $51 million in bridge financing—in addition to a $15 million mezzanine loan—has been secured for the acquisition and pre-development of 42-50 24th St. in the Queens neighborhood.
Mission Capital Advisors’ debt & equity finance group arranged the financing. The team ofJason Cohen, Alex Draganiuk, Steven Buchwald and David Behmoaras arranged senior and mezzanine financing with Robyn Sorid and Jason Behfarin, founding principals of G4 Capitaland Dan Cooperman, chief originations officer of Terra Capital Partners on behalf of Dynamic-Hakim and Property Markets Group. The financing is 79% of the project’s total capitalization…
