Barry Sternlicht Of Starwood Capital Group, Stephen A. Schwarzman Of Blackstone Inc. & David L. Picket Of Gotham Organization Provide $389M Loan For Multifamily Development In Long Island City

The asset involved in this transaction is a multifamily property located at 30-25 Queens Boulevard in Long Island City. The property will include a 46-story residential tower comprising 451 rental units and 110 condominiums, with a loan amount of $389,000,000 dedicated to its construction.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $389,000,000
• Address: 30-25 Queens Boulevard
• Market: Long Island City
• Loan Type: Construction
• Broker: Ayush Kapahi - HKS Real Estate Advisors
• Lenders: Barry Sternlicht - Starwood Capital Group, Stephen A. Schwarzman - Blackstone Inc., David L. Picket - Gotham Organization
• Landlords: Matthew Baron - Baron Property Group, Marcello Porcelli - LargaVista Cos

This transaction features notable figures in real estate finance and development. Barry Sternlicht represents Starwood Capital Group, Stephen A. Schwarzman represents Blackstone Inc., and David L. Picket represents Gotham Organization in providing the construction loan. The landlords are Matthew Baron of Baron Property Group and Marcello Porcelli of LargaVista Cos, who are overseeing the project development.