NEW YORK CITY—Validating Long Island City high buzz factor,nearly $51 million in bridge financing—in addition to a $15 millionmezzanine loan—has been secured for the acquisition andpre-development of 42-50 24th St. in the Queens neighborhood.

Mission Capital Advisors' debt & equityfinance group arranged the financing. The team of JasonCohen, Alex Draganiuk, StevenBuchwald and David Behmoaras arrangedsenior and mezzanine financing with Robyn Soridand Jason Behfarin, founding principals ofG4 Capital and Dan Cooperman,chief originations officer of Terra CapitalPartners on behalf of Dynamic-Hakim andProperty Markets Group. The financing is 79% ofthe project's total capitalization.

This is the fifth transaction that G4 has entered into with PMG,and the second with Dynamic-Hakim. This is the first financingthat Terra Capital has done with either borrower. ColeSchotz' real estate practice group attorneys LeoLeyva and Jordan Fisch, special counselRab Nalavala andassociates ElizabethNavatto, Bella Zaslavsky andJoseph Cacciapaglia advised G4 on the deal.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.