PCCP recently provided a $65-million senior loan to an ownership group managed by L+M Development Partners for the refinance of Pearson Court Square, a 197-unit, Class A apartment building located at 40-50 Pearson St. in Long Island City. Built in 2014, the mid-rise property is 98% occupied. 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, VP with 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.”
Located in the Court Square neighborhood, the property offers immediate access to several subway lines and is within walking distance of Trader Joe’s, Target, and a variety of retail, restaurants, and local services. The area has experienced 50% population growth since 2015 and has seen significant institutional investment.
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