NEW YORK CITY — Avison Young has arranged $115 million in Fannie Mae financing for a 301-unit apartment building in the Long Island City area of Queens. Wells Fargo provided the loan for the building, which represents Phase II of a larger development known as the Eagle Lofts Collection, through Fannie Mae’s Delegated Underwriting Service (DUS) program. Phase II features studio, one- and two-bedroom units, 30 percent of which are designated as affordable housing. Amenities include a spa with saunas and therapy rooms and a speakeasy sports parlor with a bowling alley, golf simulator and ski simulator, as well as a rooftop pool, fitness center, children’s playroom and pet washing station. Scott Singer, Andy Singer, Kevin Swartz and Kathleen McSharry of Avison Young arranged the debt on behalf of the owner, Rockrose Development.
Phase I of the Eagle Lofts Collection, a multifamily development in Queens, totaled 790 units. Following the completion of Phase II, nearly 1,100 new units have been added to the local supply.
Avison Young Arranges $115M in Agency Financing for Queens Apartment Building
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