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EastCoast high rise building in LIC gets $120 million in financing

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Image source: tfcornerstone on Flickr Commercial Property Executive reports that one of the high rise buildings that is part of Stage Two of the Queens West development the EastCoast development (one of TF Cornerstone’s properties) has received $120 million in financing from Walker & Dunlop LLC of Bethesda, MD. This building is at 45-40 Center Boulevard (GMAP). The financing involves a “10-year loan through Fannie Mae with a 5-year interest, followed by a 30-year amortization period.” The building has 345 luxury residential units, and is right on the water, contributing to the defining skyline of Long Island City. EastCoast was recently in the news regarding a crane that collapsed at the current construction site. This was due to crane operator error (trying to lift a load that was too heavy for the crane to bear), and lack of an adequate inspection by the contractor. Long Island City Building Gets $120M Financing; The Edge Is Top Selling Building in… Read More

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