Montperia lands $115M construction loan for LIC condo tower

Montperia Group and JLS Construction Group landed a construction loan for a Long Island City condo development. The joint venture scored $115 million for their project at 24-02 Queens Plaza South. Maxim Credit Group provided the loan, which was first reported by Commercial Observer. Montperia Group’s Steven Li filed plans last year for a 40-story tower at the property, which also has an address of 42-19 24th Street. The plans call for a 456-foot, 280,000-square-foot tower with 216 residential units and ground-floor retail space. The developer did not immediately respond to a request for comment. Li wasn’t the first developer […]This article originally appeared on The Real Deal. Click here to read the full story.