Terra Developers has landed $70 million of construction financing to build a condominium complex in Long Island City, Queens, Commercial Observer can first report.

Maxim Capital Group supplied the loan for Terra’s eight-story condo building at 11-33 44th Drive in Long Island City’s Hunters Point neighborhood. Terra and other investors acquired the 180,000-square-foot development site for $27.6 million in late 2024. 

“The project combines strong fundamentals: a well-located site, seasoned local sponsors with market expertise, and a compelling condominium price point,” said Josh Greene, managing director at Maxim Capital. “Demand in Long Island City has remained resilient at this segment of the market.”

Newmark’s Max Ralby arranged the transaction.

The condo project will comprise 113 units, ground-floor retail and 23 parking spaces. The development is slated for completion in March 2027.

Representatives for Terra did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.