Circle F Capital secures loan. New LIC project is a go
Circle F capital is about to bring a new project to Long Island City. The company has purchased a lot near the waterfront for $24.5 million. This site used to be a zipper factory and is addressed at 533-539 48th Avenue and plans include the development of a tower with eight stories. The building will have 40 condos, parking spaces, a storage area and some retail space on the ground floor.
The acquisition was made possible through an acquisition and construction loan of over $22 million that was provided by Centennial Property Finance. When it comes to the overall cost of the project the numbers have not been determined yet. This was confirmed by David Feldman, a managing member of Circle F Capital. The former owner of the property is the Avdoulos Family. If everything goes smoothly in the future, developers intend to start selling units by the end of 2018.
Besides this particular project, Circle F has several other developments in the area. There is a tower with eleven stories and 71 residential units in LIC, addressed at 22-43 Jackson Avenue and classified as mixed-use. Circle F Capital received major financing for this endeavor from Brookfield Asset Management. [The Real Deal]