PCCP Provides $65M Refinance for Long Island City Apartments
PCCP has recently closed on a $65 million senior loan to refinance Pearson Court Square, a luxury multifamily property located at 40-50 Pearson Street in the Court Square neighborhood of Long Island City, Queens. The property is owned by a group managed by L+M Development Partners.
Constructed in 2014, Pearson Court Square is a 197-unit, Class A mid-rise apartment building that is currently 98% leased. While financial details of the loan were not disclosed, the strong occupancy rates and strategic location of the property made it an attractive asset for refinancing.
“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.”
Nestled in the rapidly evolving Court Square area, Pearson Court Square enjoys convenient access to multiple subway lines and is within walking distance of popular retailers such as Trader Joe’s and Target, as well as a variety of restaurants and neighborhood services. Since 2015, the area has experienced a population increase of approximately 50% alongside significant institutional investment.
The refinance underscores continued investor confidence in Long Island City’s multifamily market, driven by strong demand and ongoing neighborhood transformation.
