Avison Young Arranges $115M Fannie Mae DUS loan for Rockrose
Avison Young arranged a $115-million first mortgage loan on behalf of an affiliate of Rockrose Development for the Eagle Lofts Collection, Phase 2, a 301-unit, luxury residential property located at 43-14 Queens St. in Long Island Cit. The financing was provided by Fannie Mae through Wells Fargo Multifamily Capital as its DUS Lender.
Avison Young’s Tri-State Debt and Equity Finance team led by Principals Scott Singer and Andy Singer, Executive Director Kevin Swartz and Senior Director Kathleen McSharry arranged the financing alongside Rockrose COO Richard Brancato and VP Jim Lerro. Wells Fargo’s team was led by Pete Cannava, Head of Multifamily Capital and Community Lending and Investment, Philip Maniscalco, Head of Production, Multifamily Capital, and Brian Antonuccio, Head of East Coast Production.
“Long Island City remains one of the region’s most compelling multifamily markets, driven by strong residential demand, extraordinarily convenient transportation, and ongoing neighborhood growth,” said Scott Singer. “Phase 2 has further elevated Rockrose’s earlier Phase 1 of the Eagle Lofts Collection, bringing a unique set of amenities and adding to Rockrose’s impressive track record of developing and operating successful communities throughout New York City. Our teams are proud to have recently celebrated 50 years together, as well as adding to the many successful executions between Wells Fargo, Rockrose and the Singer team at Avison Young.”
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MassDevelopment Issues Bond to Assist Conversion of Former Convent to Seniors Housing
MassDevelopment issued a $7,760,000 tax-exempt bond on behalf of 207 E Street LLC, an affiliate of South Boston Neighborhood Development Corporation, to convert the vacant former St. Augustine’s convent at 207 E St. in South Boston into seniors housing. Eastern Bank purchased the tax-exempt bond, which helped the organization achieve a lower cost of capital....
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Connect Media Presents the Second Annual ApartmentBuildings.com 100
For the second year in a row, Connect CRE, Connect Canada CRE, and ApartmentBuildings.com present the ApartmentBuildings.com 100. These awards honor advancement and achievement in the broadly defined multifamily space, including build-to-rent, student housing, seniors housing and mixed-use with residential. From dealmaking and development to technology and finance, the awards recognize success across deal sizes and pay tribute...
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout