NEW YORK CITY-Real estate finance firm PCCP, LLC reports it has provided Meadow Partners a $30-million senior loan for recapitalization and conversion of the nine-story multi-tenant office and retail building at 42-15 Crescent St. in Long Island City into a 124-unit, 10-story Class A, market-rate multifamily/retail project.

Meadow Partners plans to complete pre-development work on the circa 1953 building over the next few months and redevelop the property into a multifamily rental building including the addition of approximately 7,000 square feet of penthouse space, along with 7,395 square feet of ground floor retail. Preliminary plans call for a unit mix that will predominantly be comprised of studios, one bedrooms with home office and two bedrooms, with an average size of 723 square feet. The building amenities will include: 24-hour doorman, two elevators, laundry facility, fitness room, roof amenities, tenant lounge/screening room and recreational/play room. Completion of the project is anticipated in early 2015.

“Meadow Partners is an experienced and knowledgeable investor and owner with deep experience in the New York metro area,” says Kevin Chin, vice president with PCCP, LLC who works out of the firm's New York City office. “The project will be a very appealing option for those looking for more space or less costly apartment rents. Although Long Island City is one subway stop away from Midtown Manhattan, it has rents that are up to 30 to 40% less than similar product in Manhattan.”

Allen & Overy LLP represented PCCP, LLC. Ackman-Ziff Real Estate Group, LLC arranged the financing for the deal.