Lightstone Secures $51M Loan for Rental Project in Queens

NEW YORK CITY-The Lightstone Group has secured $51 million in construction loan for a new rental project in Long Island City, Queens.

By GlobeSt News Hub | October 09, 2012 at 01:01 AM

NEW YORK CITY-The Lightstone Group has secured $51 million in construction loan for a new rental project in Long Island City, Queens. The Manhattan-based developer is building a 199-unit apartment complex at 50-01 2nd St. with Lightstone Value Plus Real Estate Investment Trust.

Canadian Imperial Bank of Commerce provided the construction loan. The new rental development is scheduled to be finished by April 2014. This is the first project to get underway in New York City for Lightstone. For the full story, go to Crain's New York Business .

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