Stabilized LIC Rental Tower Secures $160M Refi
JLL Capital Markets advised World Wide Group and Rabina on a $160.25-million refinancing of QLIC, a 21-story, 421-unit luxury multifamily high-rise with ground-floor retail located in Long Island City, Queens. The financing, provided by KKR, offers a flexible capital solution for the stabilized asset, which benefits from strong in-place cash flow and consistently high occupancy, according to JLL.
The JLL Capital Markets Advisory team representing the sponsors included senior managing director Christopher Peck and managing directors Lauren Kaufman and Michael Shmuely.
“QLIC is an ideally located, superior-quality asset with strong operating fundamentals and meaningful embedded upside,” said Kaufman. “The financing structure is designed to support the sponsors’ long-term strategy while capitalizing on the property’s stability, cash flow and remaining tax abatement.”
Located at 41-42 24th St., QLIC is situated two blocks from the Queensboro Plaza Station and within walking distance of multiple subway lines and the East River ferry.
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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
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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