Developers break ground on 500-unit LIC project with $220M loan

A trio of developers have broken ground on a 500-unit residential development in Long Island City after securing a $220 million construction loan. A joint venture between the Domain Companies, L+M Development Partners and The Vorea Group landed the financing from Wells Fargo last month, after acquiring the site from self-storage company Fortress Corporation for $88 million in September. The 1.75-acre parcel at 2-33 50th Avenue, located in an Opportunity Zone, takes up a full