Slate Property gets $54.8M construction loan from Centennial Bank for project in LIC

Slate Property Group through the entity 37-11 30th Street Holdings LLC as borrower signed a loan agreement with lender Centennial Bank valued at $54.8 million for 2 parcels, including the tax class commercial real estate (CR) at 37-11 30th Avenue and 30-14 37th Avenue in Long Island City, Queens. The deal closed on September 25, 2020 and was recorded on October 19, 2020.

This is a construction loan composed of a $27.8 million building loan, an $8.4 million project loan and the refinancing of an $18.5 million acquisition loan. Martin Nussbaum was the signatory. Slate bought the property in March 2018 for $31.5 million, then in August 2020. An $18.5 million Bank OZK acquisition loan was assigned to Centennial.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 176,835 square feet. Those plans include a total of 198 residential or hotel units.
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