Joseph Stern Of SB Development Secures $85 Million Construction Loan From I-Cross Capital In Long Island City

The property asset involved in the transaction is located at 29-26 40th Avenue & 29-15 40th Road in Long Island City. This multifamily asset encompasses 196,000 square feet and consists of 190 units, and the loan amount secured for this development is $85,000,000, categorized as a construction loan.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $85,000,000
• Address: 29-26 40th Avenue & 29-15 40th Road
• Market: Long Island City
• Asset Size: 196,000 SF
• Units: 190
• Lender: I-Cross Capital
• Landlord: Joseph Stern - SB Development, Adam Westreich - Hazelton Capital Group & Avenue Realty Capital
• Broker: Ben France - MSCO
• Loan Type: Construction

Key individuals and companies involved in the deal include Joseph Stern, representing SB Development, and Adam Westreich, associated with both Hazelton Capital Group and Avenue Realty Capital. The broker for this transaction is Ben France from MSCO, facilitating the construction loan provided by I-Cross Capital.