The pandemic hit some building sectors, notably hospitality, extremely hard, while others warehouses, cold storage, and life science facilities have experienced an unexpected bump thanks to the pandemic.
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3) Bevelled LIC | Queens | $98 million
Rabsky Group nabbed this loan from Arbor Realty Trust for the Bevel luxury apartment complex at 42-22 27th Street, Long Island City. The 18-story, 202-unit building was originally planned as 99 units.
4) Bet on warehouse | Brooklyn | $75.4 million
Thor Equities secured this construction loan for its project to develop a 312,000-square-foot warehouse at 280 Richards Street in Red Hook. Amazon has signed a 20-year lease for the property. Issued by Athene Annuity and Life Company, the loan will be converted into a permanent loan upon completion of construction.
5) Extending shelf life | Brooklyn | $63.7 million
The developers of a condo complex at 111 Montgomery Street in Crown Heights, CIM Group and LIVWRK, secured this inventory loan for 157 units from Oaktree Capital Management. In 2018, the developers projected a $150 million sellout for the 163 units at the complex. Proceeds from the loan will pay off existing construction and project loa