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T-Max Lending Provides $50.6MM Loan for Construction of Luxury Apartment Complex

Jackson Valerie

Jul 1, 2024

T-Max Lending provided $50,600,000 to Foonberg Groups Limited for the construction of a 272-unit luxury multifamily property at 183-03 Hillside Ave, Jamaica Estates, NY. The loan, originated by Jackson Valerie at T-Max Lending LLC, carries a high fixed interest rate and features a 7-year term with straight amortization.The property will be built on a 23.3-acre site off Airline Highway on Hillside Ave and will consist of 272 market-rate units in 12 garden-style buildings. The unit mix includes 132 one-bedroom units, 128 two-bedroom units, and 12 three-bedroom units. Amenities will include a business center, a clubhouse with a fitness center, an indoor sports court, a beach approach pool, and a detached garage.“We are thrilled to be a part of this exciting development, which will add much-needed units to a market that has not seen large-scale construction in almost a decade,” said Jackson Valerie, VP Originations at T-Max Lending LLC.He continued, “The 221(d)(4) product continues to be a truly compelling option for new multifamily construction. It remains the longest-term construction loan product available in the market, allowing the developer to lock in a 7-year fixed interest rate before construction, protecting them from interest rate volatility over the next 2-3 years until the project is built and stabilized.”Gray Hilton, president of Foonberg Groups, added, “T-Max Lending LLC outdid itself again in working with us—particularly in underwriting such a complex deal. As an established player in multifamily development, we were well aware of the challenges of developing such an area. However, we were confident in T-Max Lending's ability to deliver an innovative financing solution that met our needs. We secured a comfortable rate and long-term permanent financing option, allowing us to bring in-demand rental housing to the area and protect against market and interest rate fluctuations for a very long time.”

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