HRC funds bridge loan for Long Island City land.Manhattan-based Hudson Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Capital LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control has provided a 12-month, $10 million second mortgage bridge loan for a 6-acre parcel of land located at 44-02 Vernon Boulevard in the Hunters Point Hunters Point refers to the following places:
The loan is secured by 78% of the borrower's equity interests in the site. Proceeds from the loan will be used to complete pre-development work, environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a and miscellaneous soft costs. It is anticipated that the loan will be refinanced with a construction loan within 12 months. Formerly the home of a tennis club, this property is situated within a city-approved redevelopment plan, which changed zoning from manufacturing to residential. The sponsor has big plans for the site and intends to construct two 28-story towers and four 8-story buildings containing 902 luxury residential units, totaling 1.1 million square feet; 15,000 square feet of commercial space; and 200,000 square feet of parking. Boasting 460 linear feet of frontage on the East River, the parcel offers unobstructed views of the Manhattan skyline and will feature a public esplanade as required under the city's redevelopment plan. "Long regarded as a highly-valued industrial area, this section of Long Island City continues to evolve into a diverse mix of residential, commercial and industrial spaces," said Spencer Garfield, managing director of HRC HRC Human Rights Campaign HRC Human Rights Council (UN) HRC Human Rights Commission HRC Hard Rock Cafe HRC Hillary Rodham Clinton (democratic senator/presidential candidate; former first lady) . "The waterfront location, proximity to mid-town and easy transportation access are all clear reasons for the development interest here." The residential units will be marketed as for-sale condominiums although some may be converted to rentals. "We expect the condo market in Long Island City to get even stronger due to the city's efforts to redevelop re·de·vel·op v. re·de·vel·oped, re·de·vel·op·ing, re·de·vel·ops v.tr. 1. To develop (something) again. 2. the waterfront," Garfield added. Since joining HRC in January of 2003, Garfield has been responsible for new loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and business development nationwide for the company. The sponsor is a seasoned New Jersey-based real estate developer specializing in residential developments. Since 1992, he has constructed 25 developments including condominiums, town homes, multi-family rentals and single family homes. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion