Ascent signs $64M construction loan for 92-unit tower in LIC

Ascent Development through the entity Pearson JV LLC as borrower signed a new construction loan with lender Preferred Bank valued at $64.2 million for an eight-property development site at 45-31 Davis Street in Long Island City, Queens.
The deal closed on April 29, 2021 and was recorded on May 17, 2021.
Ascent filed plans in 2019 for a 92-unit, 24-story, mixed-use building on the site, YIMBY reported.
The eight properties have 1,974 square feet of built space and 98,525 square feet of additional air rights for a total buildable of 100,500 square feet according to PincusCo analysis of city data. The loan price per built square foot is $32,537 and the price per buildable square foot is $639 per the PincusCo analysis.
The signatory for Ascent Development was Zhidong Wu, Amit Veeramachaneni and Tien Vominh.

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