Queens, NY Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, has provided a $28 million loan to refinance a self-storage development in Long Island City.
Located at 31-08 Northern Blvd., the 51,426 s/f site will be redeveloped by Criterion Group into a self-storage and retail building totaling 257,000 s/f. The permit-ready nine-story property will be one of the largest self-storage facilities in the city upon completion in 2021.
“We are pleased to be able to provide Criterion Group with the capital to refinance 31-08 Northern Boulevard,” said Will Nelson, senior vice president of real estate lending at Columbia Pacific Advisors. “Long Island City is the fastest growing neighborhood in New York, and this property will help fulfill the area’s increasing demand for self-storage space.
More than 20,000 residential units have been completed in the area since 2006, according to the Long Island City Partnership, with 10,600 more units projected to open by 2021.
“We are looking forward to building a self-storage and retail facility that will serve the residents and businesses of Long Island City as it continues to expand,” said Shibber Khan, founder and principal of Criterion Group. “We are thankful to have a partner in Columbia Pacific that aligns with our vision.”
The self-storage occupancy rate in Long Island City is estimated to be above 90%, with limited new inventory planned. In 2018, the New York City Council approved a measure to ban new self-storage development in most neighborhoods without a special-use permit.
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