Long Island City Multifamily Tower Secures $111M Bridge Loan
A recently completed rental tower in Long Island City has secured nine-figure financing as its developers move toward long-term stabilization of the property.
A joint venture known as American Lions — a partnership between Fetner Properties and Lions Group — secured a $111 million bridge loan from PGIM Real Estate for The Bold, a newly delivered multifamily tower in Queens.
The financing was arranged by JLL Capital Markets, which represented the borrower in placing the debt with the institutional lender.
The financing replaces earlier project funding and provides short-term capital while the development continues to stabilize following its recent completion.
A Newly Delivered Residential Towe
The Bold is a 28-story residential tower containing 164 apartments, including 50 affordable units developed under New York’s former Affordable New York (421-a) tax abatement program.
The building totals approximately 122,000 rentable square feet and includes several additional revenue components beyond residential units, including:
- roughly 8,600 square feet of ground-floor retail space
- 101 self-storage units within the building podium.
Designed by SLCE Architects, the tower also includes amenities such as a coworking lounge, gym, media room, and shared outdoor space.
Strong Leasing Performance
Developers secured the refinancing as leasing at the building reached a key milestone.
Market-rate units at the property have reached full occupancy, signaling strong demand for rental housing in Long Island City’s rapidly growing residential market.
The project began leasing in 2024 and filled its market-rate apartments within a relatively short period following completion.
This leasing performance helped support the underwriting for the new financing package.
Part of a Larger Long Island City Development Strategy
The Bold is part of a broader development effort by the partnership along Jackson Avenue in Long Island City.
The tower sits across the street from The Italic, another residential building developed by the same sponsors. The two properties share a public park and complementary amenity spaces.
Together, the developments reflect the continued transformation of Long Island City into one of New York City’s most active residential construction markets.
Bridge Financing Remains Active in Multifamily
Bridge loans like the one secured for The Bold are commonly used by developers as transitional financing while newly completed buildings stabilize and approach permanent financing.
These loans typically allow owners to:
- refinance construction debt
- complete lease-up of remaining units
- position properties for long-term financing
The willingness of institutional lenders such as PGIM to provide bridge financing for stabilized multifamily assets reflects continued confidence in the sector despite broader capital market volatility.
Final Thoughts
The $111 million refinancing of The Bold highlights the continued strength of multifamily development in Long Island City, a neighborhood that has become one of New York City’s most prominent residential growth corridors.
With leasing momentum and institutional financing support, projects like The Bold illustrate how new rental developments continue to attract capital even as broader commercial real estate markets navigate shifting economic conditions.
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