At a glance
- The package pairs a $39.5 million senior loan from Goodman, secured by unsold condos at 24-01 Queens Plaza North, with $4.2 million of mezzanine debt from JEMM Capital Partners, Commercial Observer first reported.
- The debt refinances existing obligations and is meant to carry the sponsor through the sale of the remaining residences.
- For an allocator reviewing the credit, the mezzanine is about a tenth of the $43.7 million stack, and repayment comes from unit closings, so the sellout schedule is the main underwriting variable.
Goodman Capital led a $43.7 million condo inventory financing for New Empire Group's Radiant, a 117-unit Long Island City project completed in June.
The package pairs a $39.5 million senior loan from Goodman, secured by unsold condos at 24-01 Queens Plaza North, with $4.2 million of mezzanine debt from JEMM Capital Partners, Commercial Observer first reported. The debt refinances existing obligations and is meant to carry the sponsor through the sale of the remaining residences. Apex Capital negotiated the financing with a team led by Vincent Martucci and Sana Khaliq.
For an allocator reviewing the credit, the mezzanine is about a tenth of the $43.7 million stack, and repayment comes from unit closings, so the sellout schedule is the main underwriting variable. Because the collateral is unsold units, the senior loan is repaid by closings rather than a takeout. Absorption pace and per-unit closing costs, not stabilized income, set the recovery case.
Mezzanine covered a tenth of the $43.7M stack
Loan amounts in the Radiant condo inventory financing, $M, Nov. 2026
- Senior (Goodman Capital)90.4%$39.5M
- Mezzanine (JEMM Capital)9.6%$4.2M
Show as table
| Part | Value | Share |
|---|---|---|
| Senior (Goodman Capital) | $39.5M | 90.4% |
| Mezzanine (JEMM Capital) | $4.2M | 9.6% |
Reported by the Real estate debt desk from Commercial Observer. Published . Corrections