PCCP Provides $65M Refi on Long Island City Apartments
PCCP recently provided a $65-million senior loan to an ownership group managed by L+M Development Partners for the refinance of Pearson Court Square, a 197-unit, Class A apartment building located at 40-50 Pearson St. in Long Island City. Built in 2014, the mid-rise property is 98% occupied. Terms of the loan were not disclosed.
“PCCP is pleased to expand our lending relationship with L+M Development Partners on this well-leased multifamily asset,” said PJ Finley, VP with PCCP. “We believe Pearson Court Square represents a compelling opportunity to lend at a defensible basis on a core asset in Long Island City, a high-growth, dynamic submarket.”
Located in the Court Square neighborhood, the property offers immediate access to several subway lines and is within walking distance of Trader Joe’s, Target and numerous retail, restaurants and local services. The area has experienced 50% population growth since 2015 and has seen significant institutional investment.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout