ZHL Group signs $70M construction loan with Maxim Capital for 113-unit condo in LIC

ZHL Group through the entity 44LIC Development Sp LLC as borrower signed a new construction loan with lender Maxim Capital Group through the entity Maxim Credit Group, LLC valued at $70 million for the property at 11-37 44th Drive, also known as 11-49 44th Drive in Long Island City, Queens.

On the lot, there is one active new building construction project, Q01139599, for a 113-unit, 79,891 square-foot residential (R-2) building, a Zoning Diagram, known as a ZD1, for the project shows. The project was submitted by Jonathan White and filed by Jonathan White with plans filed November 27, 2024 and permitted September 12, 2025. On the tax lot, the most recent condominium plan was filed by 44LIC DEVELOPMENT SP LLC to create 113 residential units and 1 commercial units in a building at 11-37 44th Drive in Long Island City, Queens, called Skyline 8 Condominium that has a $162.3 million sellout, according to an November 24, 2025 submission to the New York State Attorney General. The principals of the sponsor, 44LIC DEVELOPMENT SP LLC, were Lev Berenshteyn and Yevgeniy Lvovskiy.
The loan closed on January 30, 2026 and was recorded on February 5, 2026. The prior lender was Emerald Creek Capital which held debt that had an original loan amount of $16.5 million.The property has zero square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $N/A per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on December 10, 2024, for $27.6 million. The signatory for ZHL Group was Yevgeniy Lvovskiy . The signatory for Maxim Capital Group was Scott Packman .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $10,000 in ECB penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of four of the seven commercial properties representing 67,700 square feet of the 179,100 square feet. The largest owner is Simon Blitz, followed by Dulji Drekovic and then Werner Schilling.
On the tax block, there was one new building construction project filed totaling 74,728 square feet. It is a 113-unit, 74,728 square-foot residential (R-2) building submitted by Jonathan White and filed by Jonathan White with plans filed November 27, 2024 and permitted March 12, 2025.

The majority, or 68 percent of the 179,100 square feet of built space are industrial buildings, with retail buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that ZHL Group owned at least 13 commercial properties with 108 residential units in New York City with 84,011 square feet and a city-determined market value of $25.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 49 percent of the 84,011 square feet of built space are office properties, with industrial properties next occupying 41 percent of the space. The bulk, or 46 percent of the built space, is in Manhattan, with Bronx next at 43 percent of the space.

Direct link to Acris document. link