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NEW YORK CITY — JLL has arranged a $22.7 million loan to convert a 13-story multifamily building into condominiums. The building is located at 42-14 Crescent St. in the Long Island City neighborhood of Queens. The property, which is called The Independent, currently consists of 32,102 square feet of residential space across 48 units. The property was completed in 2016 and is currently fully leased. JLL represented the borrower, Meadow Partners LLC, in the transaction. The lender was Sterling National Bank. Meadow Partners plans to begin sales of units at the property in March 2019.