Circle F secures major loan. Progress is imminent in new LIC project
After securing a major construction loan, Circle F Capital will start developing a new project in Queens. The loan has provided the firm with $46.2 million and they will use it to build a condo project in Long Island City. The loan was provided by Brookfield Real Estate Financial Partners. The site will be addressed at 22-43 Jackson Avenue, just blocks away from the East River waterfront and really close to the Queens entrance to the Queens-Midtown tunnel.
80% of residential units built after 2006 were rentals, so this new project will be very helpful to those looking into purchasing property in the area. Adam Hakim of Eastern Consolidated declared how delighted the company was to assist in this condo development project for this exact reason.
Circle F purchased the property back in May 2017 for $23 million after securing some financing help from iCross Fund. This is a real estate crowdfunding platform that focuses on Chinese and American investors. This financing has already been paid off according to an iCross spokesperson.
According to plans already filed with the NYC Department of Building, the project will entail a tower with eleven stories and 70 residential units. This building will be classified as mixed-use, including several thousand square feet of retail space in the first few floors. The lot used to be occupied by a commercial building with a single story established back in 1964, which has already been demolished by Circle F. [Commercial Observer]