MEADOW PARTNERS RECEIVES $30M SENIOR LOAN

NEW YORK CITY — Meadow Partners has received a $30 million senior loan from PCCP LLC for the recapitalization and conversion of a 98,000-square-foot, nine-story office/retail building into a multifamily/retail project. The building is located at 42-15 Crescent St. in Long Island City in Queens. The ownership plans to convert the property to a Class A multifamily/retail property, which will contain 124 units in the 10-story building. Constructed in 1953, the building is located across the East River from Midtown Manhattan. Meadow acquired the property in December 2012 in an off-market, all-cash transaction and has plans to complete pre-development in the next few months. The project is slated for completion in early 2015. Allen & Overy LLP represented PCCP LLC and Ackman-Ziff Real Estate Group LLC arranged the financing.