Arrow Real Estate Advisors Secures $9M Acquisition Loan for Century Development Group

Why It Matters

The rapid financing accelerates residential supply in a high‑demand NYC corridor, signaling strong investor confidence in the OneLIC rezoning’s long‑term value.

Key Takeaways

• $9M loan secured for 16,000 sq ft LIC site.
• OneLIC rezoning boosts long-term development potential.
• Speedy financing meets sponsor’s aggressive timeline.
• 62,400 sq ft zoning floor area enables sizable residential project.
• Arrow’s involvement highlights expertise in NYC capital markets.

Pulse Analysis

Long Island City has evolved from an industrial enclave into one of New York’s most coveted residential markets. The OneLIC rezoning, approved by the city’s planning agency, expands allowable floor area and streamlines entitlement processes, making the corridor attractive to developers seeking to meet the city’s chronic housing shortage. By targeting a 16,000‑square‑foot parcel with 62,400 square feet of zoning capacity, Century Development Group positions itself to deliver a sizable, market‑rate tower that can capitalize on strong demand from millennials and affluent renters.

The $9 million acquisition loan, arranged by Arrow Real Estate Advisors and funded by MidFirst Bank, illustrates how specialized capital providers can move quickly to lock in prime assets. Arrow’s team leveraged its deep relationships in the NYC financing ecosystem to structure a loan that met the sponsor’s tight timeline, a critical factor when competing for limited parcels in a fast‑moving market. This transaction highlights the growing importance of boutique advisory firms that can bridge the gap between developers and lenders, delivering tailored solutions that larger banks may overlook.

Looking ahead, the financing signals broader confidence in the OneLIC corridor’s upside. As the city continues to push for higher density and mixed‑use projects, investors are likely to seek similar quick‑turn financing structures to capture early‑stage opportunities. The successful closure of this loan may encourage additional capital inflows, spurring a wave of residential construction that could reshape the neighborhood’s skyline and contribute to New York’s long‑term housing strategy.

Deal Summary

Arrow Real Estate Advisors arranged a $9 million acquisition loan for Century Development Group to finance a Long Island City development site. The loan was provided by MidFirst Bank and secured to support a ground‑up residential project on a 16,000‑sq‑ft lot. The financing was completed quickly to meet the sponsor’s timeline.