Twining, CBD secure $70M loan for 27-story LIC resi project
The 124K-square-foot rental building to be called Watermark Court Square
February 09, 2016 02:07PM
From left: Alex Twining and a rendering of Watermark Court Square in Long Island City (credit: Twining Properties)
Twining Properties and partner CBD secured $70 million in debt and equity to fund the development of a 27-story, 168-unit residential rental building in Long Island City.
Watermark Court Square, a proposed 124,500-square-foot property, will hold a mix of studios, and one- and two-bedroom apartments. There will also be 2,500 square feet of retail space at the building, located at 27-19 44th Drive between Thomson and Jackson avenues.
“We just think that Long Island City is going to continue to grow and be a really exciting place to live,” Twining Properties CEO Alex Twining told the New York Observer.
Long Island City’s Court Square is amid a building boom. Flushing-based developer Chris Jiashu Xu filed plans for a massive 79-story, 778,000-square-foot residential tower just north of One Court Square at 23-15 44th Drive.
Construction on Watermark has begun and is slated to be complete in 2017.
Cushman Wakefield’s Steve Kohn, Mark Ehlinger and John Spreitzer arranged the financial package, which also included $38 million in debt from Santander Bank, according to city records. The rest of the financing was from joint venture equity. [NYO] — Dusica Sue Malesevic
