PCCP has provided a $65 million senior loan to an ownership group managed by L+M Development Partners for the refinance of Pearson Court Square, a 197-unit, Class A apartment building located at 40-50 in Long Island City, New York.
“PCCP is pleased to expand our lending relationship with L+M Development Partners on this well-leased multifamily asset,” said PJ Finley, Vice President with PCCP. “We believe Pearson Court Square represents a compelling opportunity to lend at a defensible basis on core asset in Long Island City, a high-growth, dynamic submarket.”
Originally delivered by L+M in 2015, the property has sustained 98% average occupancy over the past five years and features amenities including a resident lounge, co-working space, rooftop sky deck, onsite parking, and an outdoor basketball court.
Located in the Court Square neighborhood, the property offers immediate access to several subway lines and is within walking distance of Trader Joe’s, Target, and a variety of retail, restaurants, and local services. The area has experienced 50% population growth since 2015 and has seen significant institutional investment, positioning it as one of NYC’s most sought-after residential enclaves.
Long Island City continues to outperform as one of New York City’s most dynamic submarkets, benefiting from strong renter demand driven by limited new supply across New York City and an evolving retail streetscape. Despite significant new development over the past decade, the area continues to perform, illustrated by the submarket’s 2.6% stabilized vacancy rate according to CoStar.
PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $25.3 billion in assets under management on behalf of institutional investors as of December 31, 2024. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 27-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $42.9 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures.
