A joint venture between World Wide Group and Rabina has secured a $160.2 million loan to refinance the QLIC rental tower in Long Island City, Queens. The financing was provided by KKR, according to a report from the Commercial Observer. The QLIC building, located at 41-42 24th Street, contains 421 units and opened more than ten years ago.
Adam Simon, managing director at KKR, said in a statement: “QLIC exemplifies the type of high-quality, stabilized asset we look to support, with durable cash flow, high occupancy, and a prime, transit-oriented location in Long Island City.”
The refinancing deal was negotiated by a JLL team led by Christopher Peck, Lauren Kaufman and Michael Shmuely.
The property includes 55 studio apartments, 297 one-bedroom units, 53 two-bedroom units and 16 three-bedroom apartments. It also offers 8,000 square feet of ground-floor retail space. Amenities for residents include a fitness center, rooftop pool with cabanas, media lounge, communal workspace and on-site parking.
QLIC’s total unit count matches its participation in New York City’s former 421a tax abatement program—now replaced by the 485x program—which provided developers with tax incentives for new residential construction.
In related activity within Long Island City’s real estate market, M & T Realty Capital Corporation recently issued a $347 million loan to refinance TF Cornerstone’s luxury waterfront tower at 2-20 Malt Drive. That loan is backed by Fannie Mae’s Near Stabilization program.
Rabina has also been active elsewhere in New York City. Late last year it secured a $640 million condo inventory loan from Carlyle Group for its Fifth Avenue supertall project at 520 Fifth Avenue. This replaced an earlier $540 million construction loan as the mixed-use tower moves toward leasing and sales.
KKR’s private commercial real estate financing pipeline reached a record $42 billion in June due to shifts in traditional lending markets.
