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$224.3 million in bridge financing secured for the Italic residential skyscraper in LIC
['Ethan Marshall', 'About The Author']
Astoria Post
$224.3 million in bridge financing has been secured for the recently completed residential skyscraper, The Italic, by its development team, American Lions, which is made up of the Carlyle Group, Fetner Properties and Lions Group.
The loan, which was arranged by JLL Capital Markets, will help cover a financial gap in the development of the building.
Located at 26-32 Jackson Ave. in Long Island City, The Italic stands 49 stories tall and spans approximately 290,000 square feet.
The property is located within close proximity to the Queens Plaza subway station, which provides service for the E, F and R trains, as well as the Queensboro Plaza subway station, which provides service for the 7, N and W trains.
There are also bus stops in the area for the Q39, Q66, Q67, Q69, Q101 nd Q102 lines.