A joint venture that includes Carlyle Group has nabbed a $224.3 million loan for a new mixed-use trophy residential tower in Long Island City, The Italic. Along with Carlyle, the other borrowers include Lions Group and Fetner Properties.
Wells Fargo provided the bridge financing and served as the administrative agent, while JLL arranged the deal.
The site at 26-32 Jackson Avenue delivered 363 luxury residences in 2025 across 290,000 rentable square feet. Of the units (two-thirds located above the 13th floor), 109 are affordable and 254 are listed at market rates. The 49-story property also features 10,300 square feet of ground-level retail space and an amenity package that includes a basketball court, golf simulator, fitness center, coworking space, lounges, floor-to-ceiling windows and a rooftop terrace.
"This financing gives us the flexibility to execute our business plan for The Italic as we move through final lease-up and stabilization," Albert Shirian, president and co-founder of Lions Group, said in a statement.
"With JLL's guidance and Wells Fargo's support, we are well positioned to maximize the property's long-term value while delivering a high-quality residential experience in Long Island City."
JLL calls LIC one of New York City's "fastest-growing residential submarkets" by ranking, thanks to its proximity to Midtown, Manhattan and convenience to transit lines.
According to Apartments.com, the average rent in New York City is $4,032 a month, as of January, a two percent jump from the same period in 2025. Currently, the city is dealing with an affordability crisis and some in CRE are waiting for new Mayor Zohran Mamdani's policies to shape up, which include freezing rents.
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