The Bold, a 28-story rental tower in Long Island City, has locked in a $111 million bridge loan at the same time its market-rate apartments are fully leased. The sponsor, American Lions, a joint venture between Fetner Properties and Lions Group, says the financing will support the property while the team sorts out longer-term capital options. Leasing at the building began in July 2024, and the market-rate units reached full occupancy last year, according to the developers.
As reported by Crain's New York Business, American Lions secured the $111 million bridge loan from PGIM Real Estate and brought in JLL Capital Markets to place the debt. Developers told the outlet the financing is meant to serve as a short-term tool to stabilize cash flow while the sponsor evaluates permanent or longer-term funding.
The Bold, at 27-01 Jackson Ave, is a 28-story, 164-unit rental that includes roughly 50 affordable homes, the developers say. QNS reported that the property hit full market-rate occupancy in less than a year after leasing launched in mid-2024.
According to Crain's New York Business, the project also includes about 8,636 square feet of ground-floor retail and roughly 101 self-storage units inside the podium, extra revenue streams that lenders typically scrutinize when underwriting bridge loans. Developers say those retail and storage components helped keep demand steady through lease-up.
Who Backed the Loan and Why It Matters
JLL Capital Markets handled the placement, a signal that big institutional lenders are still comfortable backing newly delivered rental towers in Court Square. The firm also arranged a $224.3 million bridge loan for the neighboring Italic tower earlier this year, a high-profile transaction JLL highlighted in its JLL news release.
American Lions has been working a multi-year play along Jackson Avenue, putting up complementary towers across the street as part of that strategy. Multifamily News reported that the team opened The Bold last year and framed the project as an effort to bring more mixed-income housing to Long Island City.
What Comes Next
With short-term bridge financing now in place, the owners say they will keep pushing toward full stabilization at The Bold while ramping up marketing at the adjacent tower and hunting for a longer-term capital solution. For locals watching the skyline, the deal is one more sign that strong lease-up, paired with ground-floor retail and storage, is still enough to keep capital flowing into Long Island City even as tax incentives and the broader development game continue to shift.
