Arrow Real Estate Advisors arranges $115 million construction financing for 38-story mixed-use condo tower

Queens, NY Arrow Real Estate Advisors arranged $115 million in construction financing for the development of a 38-story, 269,000 s/f mixed-use condominium tower at 24-02 Queens Plaza South in Long Island City. The financing was secured on behalf of Montperia Group and JLS Construction, with Maxim Capital Group serving as the lender. The financing was arranged by Arrow Real Estate Advisors’ Morris Betesh, founder and managing partner, Alex Bailkin, senior vice president, Matt O’Hanlon, senior associate, and Andrew Rosenberg, analyst.

The project will bring 207 luxury condominium units and two ground-floor retail spaces to one of New York City’s most rapidly evolving neighborhoods. Designed with modern living in mind, the development will feature studio, one-, and two-bedroom residences offering smart home technology, and views — including unobstructed views of the Manhattan skyline.

“Arrow Real Estate Advisors is proud to have arranged this financing in the evolving submarket of Long Island City, which has experienced significant growth and transformation in recent years,” said Betesh. “The sponsor has and continues to play a key role in the development of Queens, and this project will provide residents with a vibrant, thriving community in a premier location.”

Residents will enjoy a suite of premium amenities, including a state-of-the-art indoor/outdoor fitness center, sauna, rooftop gardens, executive lounge areas, and an outdoor barbecue area. With immediate access to multiple transit options, the location offers unparalleled convenience to Midtown Manhattan and the greater New York City area.