A subsidiary of Rockrose Development has secured $115 million in agency-backed debt to refinance a newly completed multifamily complex in Long Island City. Wells Fargo Multifamily Capital provided the Fannie Mae-backed loan for the 301-unit Eagle Lofts Collection, Phase 2. The project opened last year in Long Island City's Court Square neighbourhood.
The 19-storey building at 43-14 Queens Street shares a lobby and amenities with Rockrose's adjacent 790-unit Eagle Lofts Collection, Phase 1 tower. Avison Young arranged the financing with a Tri-State Debt and Equity Finance team comprising Scott Singer, Andy Singer, Kevin Swartz and Kathleen McSharry.
Attractive Market and Extensive Offering
Scott Singer, Principal at Avison Young, stated that Long Island City remains one of the region's most attractive multifamily markets due to strong housing demand, excellent transport links, and the neighbourhood's continued growth. He added that Phase 2 further enhanced the earlier Phase 1 of the Eagle Lofts Collection.
Seventy per cent of the apartments in Eagle Lofts Collection, Phase 2, are offered at market rate, while 30 per cent of the units are designated as affordable housing. The property's amenities include a spa with saunas, a bowling alley, a golf simulator, and a rooftop pool.
Expanding Housing Supply
Wells Fargo initiated the loan with a team led by Pete Cannava, Head of Multifamily Capital and Community Lending and Investment, Philip Maniscalco, Head of Production for Multifamily Capital, and Brian Antonuccio, Head of East Coast Production. Philip Maniscalco explained that with 301 new residential units, almost a third of which are affordable, Eagle Lofts Collection, Phase 2, significantly expands access to housing in Long Island City.
Richard Brancato, Chief Operating Officer at Rockrose, emphasised that the transaction reflects the strength of the company's long-standing relationships with Wells Fargo and Avison Young.
