Fetner Properties and Lions Group's joint venture that owns The Bold in Long Island City has landed a $111 million bridge loan. The financing was provided by PGIM Real Estate and arranged by JLL.
Operated by the JV American Lions, the 28-story building at 27-01 Jackson Avenue features 164 units, with 50 of them designated under the affordable homes category.
The new loan comes after the two partners landed $107 million in financing in July 2024, with construction estimated to finish by September of that year at the time, as reported by the Commercial Observer. American Lions said that the market rate units are 100 percent occupied. The property benefits from the city's 100 percent tax abatement program that lasts for 35 years.
While The Bold is a rental building, the finishes and amenities are designed resemble those of condos, according to American Lions. The 122,058 rentable square foot property also features 101 self storage units and 8,636 square feet of ground-floor retail.
The Bold serves as the sister building to The Italic, which is also owned by American Lions and are located across the street from each other. The Italic delivered in 2025, bringing 363 luxury residential units to the market.
"As one of the earliest developers to build under Long Island City's high-density zoning, we have tremendous conviction in the neighborhood's trajectory," Eric Shirian, principal of Lions Group, said in a statement.
"The Bold will continue to build on the success of The Italic and reflects our hands-on development approach and commitment to delivering best-in-class generational product. This financing allows us to continue executing our long-term business plan from a position of strength."
Fetner and Lions Group first established their joint venture in 2017 to focus on large developments in LIC. Fetner's residential pipeline includes 800 residences in both LIC and Manhattan. According to Lions Group, its LIC's "most active developer", in addition to having more than 1,500 units underway in Downtown Miami and Journal Square in Jersey City.
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