A consortium of banks including M&T Bank, US Bank and Bank of China is originating a $425 million construction loan to BLDG Management Company for a 69-story, mixed-use residential tower in Queens, New York.
The June 21 deal was arranged by New York-based manager Greystone and upon completion the building will be the tallest residential tower in the Long Island City neighborhood of Queens.
The project, dubbed The Orchard, will feature 824 apartment units, 100,000 square feet of amenity space and 13,000 square feet of retail space.
The deal also includes an affordable housing component and is eligible to receive a 35-year tax exemption under the state’s expired 421a affordable housing program. To qualify, 30 percent of the apartments will be designated for households earning at or below 130 percent of area median income.
Buffalo, New York-based M&T Bank worked as administrative agent on the $425 million financing package and Minneapolis, Minnesota-based US Bank and Beijing-based Bank of China worked as co-joint lead arrangers.
The lending facility also included New York-based Israel Discount Bank, Los Angeles-based City National Bank and Tel Aviv-based Bank Hapoalim. Greystone Capital Advisors’ Drew Fletcher, Paul Fried and Bryan Grover were exclusive advisors in arranging the deal for BLDG.
“Despite the challenging market, this significant financing demonstrates that there is still strong lender appetite for high-quality multifamily projects, especially with an affordable component,” said Drew Fletcher, president of Greystone Capital Advisors. “The Orchard will transform the Long Island City skyline while also providing desperately needed affordable housing for the neighborhood.”
The 69-story tower will stand at more than 800 feet and is not short on amenities. Among the offerings are a multi-sport simulator, dog spa, work pods and package room with refrigerated storage in addition to the standard mix of a fitness center, parking and landscaped rooftop.
The financing follows what has been a busy month for construction lending throughout June, according to Real Estate Capital USA’s lending data snapshot. Montreal-based Otera Capital holds the title for largest construction financing originated year-to-date with its $750 million loan to Tishman Speyer for a Harvard University research campus.
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