The New York branch of the Canadian Imperial Bank of Commerce (CIBC) has provided a $75 million financing on a 413,000 sq ft multifamily residential project in the New York City borough of Queens.
CIBC was administrative agent for the loan on developer Lightstone’s project at 30-02 39th Avenue in the Long Island City neighborhood of Queens, according to city property records.
Lightstone expects construction of the 428-unit market-rate luxury community to be completed by the summer of 2017, and the developer announced the company had broken ground on the lot last November. Property records show they were in contract to purchase property in February 2014, but did not officially close the purchase until this January.
The developer plans studio, one- and two-bedroom apartments, and 22,000 sq ft of amenity space, including a library, conference and work/study studios.
The company previously developed the Gantry Park Landing project, a 12-story and 199-unit residential building also located in Long Island City, which began leasing tenants in July 2013. The developer wrote in a prepared statement last November that Gantry Park was fully leased.
CIBC has $479 billion in total assets as of January 31, 2016. And New York-based Lightstone’s $2 billion portfolio includes over 6 million sq ft of office, retail and industrial commercial properties, according to their websites.
The developer was not available for comment, while CIBC did not respond to request for comment.