Joseph Stern Secures $85M Construction Loan From ICross Capital For Long Island City Multifamily Property

The property asset involved in this transaction is a multifamily building located at 2924 40th Avenue in Long Island City. The asset features a total square footage of 25,910 and comprises 200 residential units. The transaction involves a construction loan amounting to $85,000,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $85,000,000
• Address: 2924 40th Avenue
• Market: Long Island City
• Lender: iCross Capital - Lily Guo
• Landlord: Joseph Stern
• Broker: Benjamin Frances - MSCO Capital Advisors
• Loan Type: Construction

The deal is supported by key individuals in the financing and brokerage sectors, with Lily Guo representing iCross Capital as the lender. Joseph Stern, the landlord, plays a crucial role in the property management aspect, while Benjamin Frances serves as the broker representing MSCO Capital Advisors, facilitating the transaction process.