Terra Developers Secures $70 Million Construction Loan From Maxim Capital Group For Mixed-use Asset

This mixed-use property located at 11-33 44th Drive in Long Island City encompasses a total square footage of 116,187 and includes 113 units. A construction loan has been secured for this asset, amounting to $70,000,000, with a term of 3 years.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $70,000,000
• Address: 11-33 44th Drive
• Market: Long Island City
• Lender: Maxim Capital Group
• Landlord: Terra Developers
• Broker: Max Ralby - Newmark
• Loan Type: Construction
• Loan Terms: 3 years

The deal involves key participants including Maxim Capital Group as the lender, Terra Developers as the landlord, and Max Ralby representing the transaction through Newmark. The coordination among these individuals plays a pivotal role in the execution of the loan agreement.