Meridian Capital Group, America’s most active dealmaker, arranged $502 million in construction financing for the development of a condominium tower in the Long Island City neighborhood of Queens, NY on behalf of Chris Xu of United Construction.
The loan, which currently stands as the largest condominium construction loan to have closed in Queens, was provided by a syndicate of well-capitalized lenders and was negotiated by Meridian Senior Managing Director, Morris Betesh, who is based in the company’s New York City headquarters.
“Large condo construction loans are challenging to get done in today’s market, but the unique features of this project and the strength of the sponsorship enabled us to achieve favorable terms from a syndicate of banks,” said Mr. Betesh. “Chris Xu of United Construction is one of our most creative and resourceful developers, and we are pleased to have had the opportunity to work with him on this historic project. Partnering his expertise with Risland gives us certainty that this project will be a success.”
Located at 23-15 44th Drive in Long Island City, the building will span 958,000 square feet and contain 802 luxury condominium units ranging from studios to four-bedroom apartments in addition to 15,000 square feet of grade-level retail space and 225 parking spaces. The 67-story structure will be the tallest tower in Queens and will rise to 778 feet, offering residents unparalleled, sweeping views of the Manhattan skyline. Construction began on the foundation of the property in late 2018 and is expected to be completed in phases between 2021 and 2022.
Situated next to the Citigroup Building, the tower will be a best-in-market property in the rapidly developing submarket of Long Island City, which has evolved into a thriving mixed-use community. The neighborhood offers residents the value of a Queens location with a quick, five-minute commute to Midtown Manhattan, as the property offers immediate proximity to a major transportation hub at the Court Square – 23rd Street station, serviced by the E, M, G, and 7 subway lines.
Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com