Greystone, a leading commercial real estate lending, investment, and advisory firm, today announced it has provided a $65,000,000 Freddie Mac loan to an affiliate of The Lions Group to refinance One LIC, a brand new 20-story, 110-unit (70% market-rate / 30% moderate income) multifamily rental apartment located at 42-10 27^th Street in Long Island City, NY.  The new 16-year fixed-rate permanent financing through Freddie Mac’s “Lease-Up” program refinanced a Bank Leumi construction loan.  Notably, this was one of the last “pre-stabilized” permanent loans to receive Freddie Mac credit approval since the program was suspended due to the COVID-19 pandemic. Drew Fletcher, Bryan Grover and Matthew Klauer of Greystone Capital Advisors originated the financing.

One LIC is a 110-unit, Class-A apartment building completed in 2019.  The project also includes three retail spaces (Starbucks, CityMD, and Yoyoso), on-site parking and 4 floors of amenity space comprising a fitness center, children’s playroom, rooftop terrace, and lounge. One LIC is adjacent to the Queensboro subway station, serviced by the 7, E, M, and G subway lines, which provide access to Grand Central and Bryant Park in 10-15 minutes and Hudson Yards in 20 minutes.

"Closing a loan in New York City during COVID-19 posed several unique challenges ranging from the traditional property inspection and title search to the temporary closure of the retail tenants and inability to show apartments.  Despite these challenges, however, we were still able to deliver a tremendous execution for our client," said Drew Fletcher, President of Greystone Capital Advisors.

“We are thrilled to have closed on this deal. The circumstances of the world changed dramatically throughout the process, but Greystone remained diligent and never wavered. Looking forward to more business in the future,” said Aaron Shirian.

Greystone, a leading commercial real estate lending, investment, and advisory firm, today announced the closing of a $37,050,000 permanent loan made to an affiliate of the Shirian Family’s Lions Group to refinance 14-01 Broadway, a new 82-unit 100% market-rate multifamily rental apartment building located in Astoria, NY. The 10-year fixed-rate Fannie Mae loan replaces a Bank Leumi construction facility.

Family-owned and managed, Lions Group leverages its expertise through acquisition, development, construction and management of residential, commercial, and retail properties. Lions Group currently owns and operates over 1,500,000 square feet of luxury condominium, multifamily, and commercial spaces and has excelled in delivering products to Queens, completing over ten projects in the borough within the last fifteen years. Lions Group is run by Albert, Ramin, Aaron, Jake and Allen Shirian.

14-01 Broadway’s superb location in the Astoria neighborhood bordering Long Island City provides residents with breathtaking views of Manhattan, as well as easy access to the neighborhood’s numerous modes of transportation and wide range of amenities.

14-01 Broadway offers carefully designed amenities for residents intended to enhance the city lifestyle while simultaneously emphasizing relaxation and fun. Residents of the building have access to a state-of-the-art fitness center and sauna. Additionally, there is a 5,000 square foot outdoor lounge on the second floor, as well as a 1,000 square foot landscaped roof terrace, offering 360-degree views of Manhattan and Queens. Residents also have access to a bike room and parking, as well as an on-site Zipcar location.

Greystone Capital Advisors, represented by Drew Fletcher, Matthew Klauer, and Bryan Grover, served as exclusive advisor on the transaction. “Lions Group has been one of New York City’s most active residential developers in Queens with multiple projects delivered or under construction. They have developed thoughtfully-designed, first-class buildings that stand out in their neighborhoods and we are extremely proud to have worked with them on this assignment,” said Mr. Fletcher.