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American Lions JV secures $350m for Queens project
American Lions, a joint venture between Fetner Properties and the Lions Group, has secured $350 million in construction financing for The Italic, a 363-unit, luxury, mixed-use community in the Long Island City neighborhood of Queens, New York City.
JLL represented the borrower to secure the loan and arrange joint venture equity
The development will comprise 283,000 square feet of residential space and 10,000 square feet of commercial retail space. The community will comprise studio, one-, two- and three-bedroom floorplans averaging 770 square feet. Common-area amenities are slated to include a fitness center, golf simulator, coworking space and basketball court. A total of 254 units will be market rate, while 109 (30 percent), are designated as affordable.