American Lions, a joint venture between Fetner Properties and Lions Group, has acquired a $111 million bridge loan for The Bold, a 28-story, 164-unit multifamily tower at 27-01 Jackson Ave. in Long Island City, Queens.
Designed by SLCE Architects, the development has brought 164 new residences, including 50 new affordable homes to Long Island City, along with 8,636 square feet of ground-floor retail and 101 self-storage units. The property totals 122,058 rentable square feet and is vested under the Affordable New York (421-a) tax abatement program, which provides a 35-year, 100% tax abatement.
The financing, provided by PGIM Real Estate, was arranged by JLL Capital Markets.
“The Bold represents the culmination of a decade-long vision to help shape the evolution of Long Island City into one of New York City’s most dynamic live-work-play neighborhoods,” said Hal Fetner, president and CEO of Fetner Properties. “Securing this financing with PGIM validates both the strength of the asset and our long-term commitment to the community. With its institutional-quality design and transit-oriented location, The Bold is exceptionally well-positioned for sustained performance.”
The Bold is the sister building to The Italic, located just across the street. Both properties were designed by SLCE Architects and share a public park also developed by Fetner and Lions Group. Designed by Studio V, it features landscaped gardens, sculpture installations and community gathering areas. The two buildings share a complementary amenity ecosystem, giving residents access to an expanded suite of fitness, recreation and coworking spaces.
“As one of the earliest developers to build under Long Island City’s high-density zoning, we have tremendous conviction in the neighborhood’s trajectory,” said Eric Shirian, principal of Lions Group. “The Bold will continue to build on the success of The Italic and reflects our hands-on development approach and commitment to delivering best-in-class generational product. This financing allows us to continue executing our long-term business plan from a position of strength.”
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Christopher Peck, Senior Director Nicco Lupo, Managing Director Michael Shmuely, Director Alex Staikos and Vice President Adam Dietrich.
