LIC Warehouse Lands $23M Financing
- Jan 08, 2018
Circle F Capital has received $22.8 million in construction financing for a recently purchased industrial building in Queens. Centennial Property Finance provided the long-term loan, which will be used for the asset’s redevelopment into a mixed-use property.
The 50,000-square-foot, eight-story manufacturing facility is located at 5-33 48th Ave. The owner plans to transform the existing space into 43 residential apartments on floors three to eight, as well as ground-floor storage and parking space. The property will also feature a lobby on the first floor and amenity space on the second floor. According to public records, Circle F Capital purchased it from a private investor, who has retained ownership of the building’s retail unit.
Blast from the industrial past
The pre-war building is situated in the borough’s Long Island City neighborhood, which was once home to many factories. Today, the area houses a large number of art galleries and institutions due to a rapid gentrification process. The ongoing residential growth has also spurred the need for homes, which has resulted in a large number of adaptive reuse developments.
Neighborhood amenities include retailers, restaurants, bars, clubs, entertainment options, fitness centers and Hunter’s Point Park. Additionally, the building is located two blocks east of the East River and two blocks north of a subway station, which is one stop from Grand Central.
An Eastern Consolidated Capital Advisory team comprising Managing Director Adam Hakim, Director James Murad and Associate Director Andrew Iadeluca represented the borrower in the transaction. The team also recently procured a construction loan for a dual-branded hotel in Manhattan’s Chelsea neighborhood.
Image courtesy of Circle F Capital