Maxim Capital Group Provides $70M Loan for 113-Unit Condo Development in Long Island City

Key Points

• $70 million construction loan issued for Queens condo development
• 113-unit residential condominium planned in Long Island City
• Reflects continued lender confidence in prime NYC locations

What a $70M Loan Says About Long Island City Demand

Maxim Capital Group has provided a $70 million construction loan for a 113-unit residential condominium project at 11-33 44th Drive in Long Island City, Queens. In today’s higher-rate environment, condo construction financing is far from automatic. Lenders are prioritizing strong submarkets with proven absorption and pricing power. Long Island City continues to meet that criteria thanks to its proximity to Midtown Manhattan, multiple subway lines, and a decade-long wave of residential transformation. For developers, securing this level of capital signals underwriting confidence in sellout performance.

What This Means for NYC Condo Financing in 2026

Construction loans for for-sale product have been selective across New York City. Many lenders remain cautious due to interest rate volatility and slower luxury absorption in some pockets. A $70 million commitment suggests this project checks key boxes, including location strength, manageable unit count, and realistic pricing assumptions. At 113 units, the scale is significant but not oversized, reducing sellout risk compared to larger towers. For capital markets watchers, this deal reinforces that disciplined condo lending is still available in top-tier submarkets.

What This Signals for Investors Tracking Queens Development

Long Island City has evolved into one of New York’s most established residential hubs outside Manhattan. Continued condo development there reflects long-term confidence in the neighborhood’s renter-to-buyer conversion pipeline. For multifamily and condo investors, the takeaway is clear. Capital is still flowing into well-located New York assets when fundamentals align, and risk is structured properly. In a cautious lending environment, a $70 million construction loan is a strong vote of confidence in Long Island City’s residential trajectory.