Lots of Lending

Commercial real estate financing still remains kind of sluggish, so today’s news is rather big. First, there’s news of a nine-figure loan for a mixed-use tower in Queens, N.Y., and then there’s an exclusive on the $1.4 billion in loans originated by a REIT that launched as recently as May 2023.

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— Tom Acitelli, Deputy Editor

Mavik Capital, Valley Bank and IDB Lend $107M on LIC Mixed-Use Tower

Lions Group and Fetner Properties have sealed $107 million in financing for their new mixed-use tower in Long Island City, Queens, Commercial Observer has learned. Valley Bank and IDB Bank teamed to provide an $80 million senior mortgage, while Mavik Capital Management provided a $27 million mezzanine loan in the deal, sources familiar with the deal said. The debt finances the construction completion and lease-up of The Bold at 27-01 Jackson Avenue, which sits close to Queensboro Plaza and Court Square. The Bold will comprise a mix of multifamily units, retail and self-storage when completed in September. The property sits next to The Italic, a 49-story rental building also being developed by Lions Group and Fetner Properties at 26-32 Jackson Avenue that’s expected to come online next summer.

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Invesco REIT Tops $1.4B in Originations, Leans Into Bank Lending Gap

Invesco Commercial Real Estate Finance Trust (INCREF) just surpassed $1.4 billion in originations, a little more than a year after its launch, Commercial Observer can first report. Since its launch in May 2023, the real estate investment trust (REIT) has added 22 loans to its portfolio, including six recently closed transactions spread across the industry’s most coveted lending sectors: multifamily and industrial. “Our niche is focused on relationship borrowers and originating light transitional loans that are consistent with our property-first approach to lending,” Charlie Rose, president and lead portfolio manager of INCREF as well as global head of credit for Invesco Real Estate, told CO. “We’ve found that our borrowers — the largest institutional owners and operators of real estate in the U.S. — are starting to become more active in acquiring real estate as the bid-ask spread starts to narrow. With the continued pullback from banks in the real estate credit market, we’re able to continue to gain market share, which has led to quarter-over-quarter growth in lending activity for us.”

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