SB Development signs $55M new construction loan with Slate for condo in Long Island City

SB Development Group through the entity 41-05 29th Street Owner LLC as borrower signed a new construction loan with lender Slate Property Group through the entity Scale 29th LIC LLC valued at $55 million for the 87-unit rental (D7) at 41-05 29th Street in Long Island City, Queens.
The deal closed on May 4, 2021 and was recorded on May 26, 2021.

The owner bought the property on 29-Nov-17, for $5.8 million.
The signatory for SB Development Group was Joseph Stern.

SB Development filed plans April 4, 2018, for a 165,614-square-foot mixed-use building with 86 units. The project is permitted but has not yet applied for an initial TCO.
There was a condominium project filed with the address 41-05 29th Street and the name Nova Condominium on July 26, 2019. The principals of the sponsor, 41-05 29th Street Owner Llc**, were David Stern, Joseph Stern, Roni Benjamini, and Jeremy Markowitz. link

Direct link to Acris document. link