Arrow Real Estate Advisors arranges $9 million acquisition loan for Long Island City development site

Queens, NY Arrow Real Estate Advisors has arranged $9 million in acquisition financing for a development site located at 10-38 45^th Rd. in Long Island City. The financing was secured on behalf of Century Development Group through MidFirst Bank. Arrow Real Estate Advisors’ Morris Betesh, founder and managing partner, Omar Ferreira, senior vice president, Jacob Petrovic, associate, and Jonah Schultz, analyst, arranged the bank loan.

“Long Island City continues to be one of the most compelling development markets in New York City, and the OneLIC rezoning only reinforces the long-term potential of this corridor,” said Betesh. “Speed was essential on this transaction, and our team worked closely with MidFirst Bank to deliver a financing solution on a timeline that met the sponsor’s needs. We are pleased to have helped Century Development Group secure a prime development site as they look to capitalize on the neighborhood’s continued growth.”

The property consists of a 16,000 s/f lot with 62,400 s/f of zoning floor area, positioning the site for a future ground-up residential development. Located within the newly proposed OneLIC rezoning area, the site sits in one of New York City’s most active development corridors and offers long-term development potential.

Arrow leveraged its banking relationships to generate competitive interest from lenders familiar with the Long Island City development market. By pairing Century Development Group with MidFirst Bank and clearly presenting the site’s development potential under the OneLIC rezoning plan, Arrow delivered a financing solution within the required timeframe, enabling the sponsor to secure the site and move forward with its development strategy.