Terra Developers lands $70M loan in Long Island City

Another project is springing up in Long Island City, receiving the benefit of $70 million in construction financing. Maxim Capital Group provided Queens-based Terra Developers with the financing package for the project at 11-33 44th Drive in Long Island City’s Hunters Point neighborhood, the Commercial Observer reported. The financing will support an eight-story, 113-unit project with ground-floor retail space and 23 parking spots. “The project combines strong fundamentals: a well-located site, seasoned local sponsors with market expertise, and a compelling condominium price point,” Maxim Capital managing director Josh Greene said. Newmark’s Max Ralby arranged the debt. Terra and its fellow […] This article originally appeared on The Real Deal. Click here to read the full story.