Kevin Maloney’s Property Markets Group has locked down more than $130 million in construction financing for its planned 44-story rental tower in Long Island City, property records filed with the city today show. Deutsche Bank provided the developer with a $113 million building loan and another $24.5-million project loan for soft costs, the records indicate. The bank also consolidated previous mortgages on the property in the amount of $11.05 million.
In December 2012, PMG bought two sites — a 14,920 square-foot-lot at 23-01 42nd Road and a 27,200 square-foot lot at 23-10 Queens Plaza — for $37 million, as The Real Deal reported.
Along with partners the Hakim Organization and New Valley, the real-estate arm of Douglas Elliman Chairman Howard Lorber’s Vector Group, PMG plans to build a 44-story rental tower with some 400 units and retail space. The project is slated for completion in 2017.