NEW YORK CITY—The 44-story Queens Plaza Southproject got a major infusion of capital. The ownership of theplanned rental apartment tower in Long Island City, Queens hassecured $148.45 million in non-recourse construction financing forthe venture.

The funding was announced by Mission CapitalAdvisors, which arranged the construction financing forthe joint venture between Property Markets Group,Kamran Hakim and New Valley, LLCwith Deutsche Bank. Deutsche Bank's loanrepresented 70% of the total capitalization for the project.NorthStar Realty Finance, the first mortgage landlender, provided a $40.25 million mezzanine loan, by subordinatingtheir existing loan to the new first mortgage loan of DeutscheBank, bringing the total financing to $188.7 million, or 90% of thetotal project capitalization, Mission Capital officials say.

The 391-unit project will also include 165 parking spaces and20,000 square feet of retail space. Amenities will includepanoramic views of New York City, a rooftop pool, fitness center,lounge, and children's playroom.