JLL Capital Markets arranges $224M bridge loan for The Italic in LIC

NEW YORK, Jan. 26, 2026 – JLL Capital Markets announced today that it has arranged $224.3 million in bridge financing for The Italic, a newly delivered, trophy mixed-use residential tower located at 26–32 Jackson Ave. in Long Island City, Queens.

JLL represented the borrowers, a joint venture between The Carlyle Group, Fetner Properties and Lions Group. Wells Fargo acted as Administrative Agent and lender.

Completed in 2025, The Italic is a 49-story, 363-unit luxury residential tower comprising 254 market-rate residences and 109 affordable units, along with approximately 10,300 square feet of ground-floor retail. The property encompasses nearly 290,000 rentable square feet and rises at the nexus of Queens Plaza, Court Square and Sunnyside Yards, one of New York City’s most transit-rich residential submarkets.

“Wells Fargo’s commitment to our long-standing and important relationship, along with JLL’s commitment to excellence and attention to detail led to an outstanding and extremely efficient closing for The Italic, our ‘first-in-class’ Long Island City property,” said Hal Fetner, President and CEO, Fetner Properties.

“This financing gives us the flexibility to execute our business plan for The Italic as we move through final lease-up and stabilization,” said Albert Shirian, President and Co-Founder of Lions Group. “With JLL’s guidance and Wells Fargo’s support, we are well positioned to maximize the property’s long-term value while delivering a high-quality residential experience in Long Island City.”

Developed to appeal to modern renters migrating from Manhattan, The Italic offers an extensive amenity package including a fitness center, indoor basketball court, golf simulator, coworking space, multiple resident lounges and a rooftop terrace with panoramic city views. Residences feature floor-to-ceiling windows, spacious layouts averaging more than 760 square feet, smart-building technology and premium finishes. Around two-thirds of units are located above the 13th floor, providing exceptional light and views.

Designed by SLCE Architects, The Italic is the sister building to The Bold, located just across the street. The property benefits from a 35-year Affordable New York tax abatement. In addition, the sponsorship facilitated the creation of a publicly accessible open space beneath the Queensboro Bridge, enhancing the pedestrian experience and further activating the surrounding neighborhood.

JLL Capital Markets’ Debt Advisory team representing the borrowers included Senior Managing Director Christopher Peck, Senior Director Nicco Lupo, Managing Director Michael Shmuely and Director Alex Staikos.

“The Italic stands out as one of the premier new residential developments in Long Island City, combining scale, design and an unmatched transit location,” said Peck. “This financing reflects lender confidence in the sponsorship, the quality of the asset and the long-term fundamentals of the Long Island City rental market.”

Long Island City continues to rank among New York City’s fastest-growing residential submarkets, driven by its proximity to Midtown Manhattan, extensive subway and ferry connectivity and a rapidly expanding retail and cultural scene. The Italic is within walking distance of multiple subway lines and offers direct access to Midtown, Hudson Yards and the Financial District.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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