ACRES originated a $35 million loan to complete the construction of 23-20 Jackson Avenue, a nine-story, 82,000-square-foot mixed-use property located in Long Island City, New York. The loan carries a term of 24 months and is sponsored by veteran local real estate developer, The VOREA Group, led by Peter Papamichael, and partner, Andru Coren.
23-20 Jackson Avenue will feature the following:
The hospitality space, which will feature 72 units, has been leased to hospitality firm Sonder, while high-tech real estate brokerage, Compass, has leased just over 11,000 square feet of office space on the second and third floors. The building will be located at the southwest corner of Jackson Avenue and Pearson Street, positioning the retail space to capture the attention of a significant amount of foot traffic.
Over the past few decades, Long Island City has seen a departure from its industrial and manufacturing roots, and has been transformed by several waves of development. Today, the market continues to attract new office tenants and a wealth of new residents looking to take advantage of the neighborhood’s amenities and convenient location.
The VOREA Construction Companies will serve as the construction manager for the project, and The VOREA Group will manage the property once complete. Vice President Marko J. Kazanjian of JLL brokered the transaction.