JLL Capital Markets has announced the refinancing of QLIC, a residential tower at 41-42 24th Street in Long Island City, Queens. Developed by World Wide Group and Rabina, the 21-story structure yields 421 units. The refinancing package totaled $160.25 million and came from global investment firm KKR. The property is located between 41st Avenue and Queens Plaza North.
Photograph of amenity space at QLIC, via qlic.com.
Photograph of fitness center at QLIC, via qlic.com.
Originally developed under the 421a tax abatement program, QLIC includes a mix of 55 studio, 297 one-bedroom, 53 two-bedroom, and 16 three-bedroom units. Select apartments offer private balconies. The building also features 7,987 square feet of retail space and more than 28,000 square feet of resident amenities, including a rooftop pool with cabanas, landscaped courtyard, fitness center, media lounge, coworking space, and on-site parking.
Photograph of residence at QLIC, via qlic.com.
Transit nearby QLIC includes the Queensboro Plaza Station, served by the 7, N, and W trains. The property is also within walking distance of additional transit options, including the East River Ferry.
Photograph of amenity space at QLIC, via qlic.com.
“This transaction underscores the breadth of KKR’s real estate credit platform and our ability to deliver flexible capital solutions across the lifecycle of an asset,” said Adam Simon, managing director at KKR. “QLIC exemplifies the type of high-quality, stabilized asset we look to support, with durable cash flow, high occupancy, and a prime, transit-oriented location in Long Island City.”
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