PCCP Provides $65M Refi for Long Island City Apartments
PCCP has recently provided a $65 million senior loan to an ownership group managed by L+M Development Partners for the refinancing of Pearson Court Square. The property is a 197-unit, Class A apartment building located at 40-50 Pearson Street in Long Island City. Originally built in 2014, the mid-rise residential building is currently 98% occupied. Specific terms of the loan were not disclosed.
“PCCP is pleased to expand our lending relationship with L+M Development Partners on this well-leased multifamily asset,” said PJ Finley, Vice President at PCCP. “We believe Pearson Court Square represents a compelling opportunity to lend at a defensible basis on a core asset in Long Island City, a high-growth, dynamic submarket.”
Pearson Court Square is located in the Court Square neighborhood, offering residents convenient access to multiple subway lines and proximity to an array of amenities including Trader Joe’s, Target, and various restaurants, retail shops, and services. The area has seen rapid development, with a 50% population increase since 2015, along with substantial institutional investment in recent years.
