New Empire Group has secured 43.7 million dollars in inventory financing for a newly constructed residential development in the Long Island City neighbourhood of Queens, New York. The loan package serves to refinance and support the unsold units of the 117-condominium Radiant project.
Goodman Capital is providing the bulk of the capital with a 39.5 million dollar senior loan secured by the remaining residences at 24-01 Queens Plaza North. In addition, JEMM Capital Partners contributed a 4.2 million dollar mezzanine loan. The transaction pays off existing liabilities and provides the developer with financial flexibility for the ongoing sales process.
Flexibility for marketing the remaining units
Etan Slomovic, partner at Goodman Capital, stated that the structure provided gives the developer the necessary time and runway to sell the remaining residences at full market value without price discounts. Eric Goodman, managing partner at Goodman Capital, also highlighted that the property is a high-quality, newly completed building in an excellent location.
Apex Capital brokered the financing through a team led by Vincent Martucci and Sana Khaliq. Construction on the project was completed in June this year. The 19-storey residential tower is situated in close proximity to the Queensboro Plaza subway station, offering rapid access to the New York transit network.
Architecture and amenities in New York's new-build segment
The architectural design of the building was created by renowned practice ODA New York, whilst the interiors were designed by Paris Forino. Alongside private residential units, residents have access to an extensive array of communal amenities.
- —State-of-the-art fitness centre and integrated indoor basketball court
- —Wellness area with sauna, as well as a billiards room and golf simulator
- —Expansive rooftop terrace with lounge area and barbecue stations
New Empire Group did not immediately provide further comment on the terms of the transaction upon request. With the closing of this refinancing, the Radiant residential development formally transitions from the construction stage to the final sales phase in the dynamic Queens market.
