Arrow Secures Acquisition Loan for LIC Development Site
Arrow Real Estate Advisors arranged $9.0 million in acquisition financing for a development site located at 10-38 45th Rd. in Long Island City. The financing was secured on behalf of Century Development Group through MidFirst Bank. Founder and managing partner Morris Betesh, SVP Omar Ferreira, associate Jacob Petrovic and analyst Jonah Schultz arranged the bank loan.
“Long Island City continues to be one of the most compelling development markets in New York City, and the OneLIC rezoning only reinforces the long-term potential of this corridor,” said Betesh. “Speed was essential on this transaction, and our team worked closely with MidFirst Bank to deliver a financing solution on a timeline that met the sponsor’s needs.”
The property consists of a 16,000-square-foot lot with approximately 62,400 square feet of zoning floor area, positioning the site for a future ground-up residential development. Located within the newly proposed OneLIC rezoning area, the site sits in one of New York City’s most active development corridors.
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Brokers
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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