{"id":1004202689,"date":"2018-01-08T06:22:22","date_gmt":"2018-01-08T14:22:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004202689"},"modified":"2018-01-08T06:22:22","modified_gmt":"2018-01-08T14:22:22","slug":"lic-warehouse-lands-23m-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lic-warehouse-lands-23m-financing\/","title":{"rendered":"LIC Warehouse Lands $23M Financing"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004202691\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Webp.net-resizeimage2.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004202691\" data-attachment-id=\"1004202691\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lic-warehouse-lands-23m-financing\/webp-net-resizeimage-47\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Webp.net-resizeimage2.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Rendering of 5-33 48th Ave., New York City\" data-image-description=\"&lt;p&gt;Rendering of 5-33 48th Ave., New York City&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Rendering of 5-33 48th Ave., New York City&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Webp.net-resizeimage2.jpg?w=800\" class=\"wp-image-1004202691 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Webp.net-resizeimage2.jpg\" alt=\"Rendering of 5-33 48th Ave., New York City\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Webp.net-resizeimage2.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Webp.net-resizeimage2.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Webp.net-resizeimage2.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004202691\" class=\"wp-caption-text\">Rendering of 5-33 48th Ave., New York City<\/p><\/div>\n<p>Circle F Capital has received $22.8 million in construction financing for a recently purchased industrial building in Queens. Centennial Property Finance provided the long-term loan, which will be used for the asset\u2019s redevelopment into a mixed-use property.<\/p>\n<p>The 50,000-square-foot, eight-story manufacturing facility is located at 5-33 48th Ave. The owner plans to transform the existing space into 43 residential apartments on floors three to eight, as well as ground-floor storage and parking space. The property will also feature a lobby on the first floor and amenity space on the second floor. According to public records, Circle F Capital purchased it from a private investor, who has retained ownership\u00a0of the building\u2019s retail unit.<\/p>\n<h2>Blast from the industrial past<\/h2>\n<p>The pre-war building is situated in the borough\u2019s Long Island City neighborhood, which was once home to many factories. Today, the area houses a large number of art galleries and institutions due to a rapid gentrification process. The ongoing residential growth has also spurred the need for homes, which has resulted in a large number of adaptive reuse developments.<\/p>\n<p>Neighborhood amenities include retailers, restaurants, bars, clubs, entertainment options, fitness centers and Hunter\u2019s Point Park. Additionally, the building is located two blocks east of the East River and two blocks north of a subway station, which is one stop from Grand Central.<\/p>\n<p>An Eastern Consolidated Capital Advisory team comprising Managing Director Adam Hakim, Director James Murad and Associate Director Andrew Iadeluca represented the borrower in the transaction. The team\u00a0 also recently procured a <a href=\"https:\/\/www.commercialsearch.com\/news\/eastern-consolidated-arranges-121m-financing-for-nyc-hotel\/\">construction loan<\/a> for\u00a0a dual-branded hotel in Manhattan\u2019s Chelsea neighborhood.<\/p>\n<p><em>Image courtesy of\u00a0Circle F Capital<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Circle F Capital will use the loan to redevelop the former manufacturing facility into residential apartments, retail space, storage units and parking. <\/p>\n","protected":false},"author":241,"featured_media":1004202691,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21748,21783,1600,21742,10],"tags":[38770,38769,33186],"class_list":["post-1004202689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-industrial","category-investment","category-new-york","category-latest","category-northeast","tag-adam-hakim","tag-circle-f-capital","tag-eastern-consolidated"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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