【NYC Real Estate】Terra Developers Lands $70M Loan for 113-Unit Long Island City Project
- ARCFE U.S.
- 10 hours ago
- 2 min read
The construction boom in Long Island City, Queens, continues to accelerate as another major residential project secures substantial financial backing. Queens-based developer Terra Developers has successfully landed a $70 million construction loan to fund its upcoming luxury condominium development in the highly sought-after Hunters Point neighborhood.
The financing package was provided by prominent lender Maxim Capital Group. The debt will directly support the development of an eight-story residential building located at 11-33 44th Drive. Upon completion, the project will yield 113 premium condominium residences, ground-floor commercial retail space, and 23 parking spots. The transaction was brokered by Max Ralby of Newmark.
This successful funding highlights lenders' unwavering confidence in Long Island City's residential market, which remains one of the fastest-growing and most resilient submarkets in New York City. The project's strategic location offers residents exceptional transit connectivity and close proximity to the waterfront.
For EB-5 investors, the continuous influx of institutional capital into Long Island City developments is a highly positive indicator. It underscores the robust demand for residential real estate in the area and confirms that local projects remain highly attractive to top-tier financial institutions, ensuring strong project viability and security.
Source: The Real Deal
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