NEW YORK CITY — BLDG Management Co. has received $425 million in construction financing for The Orchard, a multifamily project located in the Long Island City neighborhood of Queens.
The 69-story development will be the tallest residential tower in Long Island City, according to Greystone, which arranged the financing. Plans for the development include 824 residential units, including a penthouse with a rooftop deck; 207 parking spaces; and 13,000 square feet of above-grade retail.
The development’s 100,000 square feet of amenity space will include a fitness center; indoor and outdoor swimming pools; a spa with a steam room and sauna; basketball court; multi-sport simulator; lounge areas; a children’s playroom; game room; movie screening rooms; work pods; a dog spa; bike room; package room with refrigerated storage; on-site laundry; and self-storage space.
The Orchard will also feature a landscaped rooftop deck offering panoramic views of the New York City skyline. The space will include a pickleball court, barbecue area, yoga and fitness space, a lawn for movie screenings and a running track. A timeline for the project was not announced.
M&T Bank acted as administrative agent for the $425 million construction financing, with U.S. Bank and the Bank of China acting as co-joint lead arrangers. Israel Discount Bank of New York, City National Bank and Bank Hapoalim also participated in the facility, which was placed by Drew Fletcher, Paul Fried and Bryan Grover of Greystone.
BLDG is a private family real estate investment, development and operating company. The firm manages a portfolio of 300 properties, which are predominantly located in New York City, spanning 8,000 residential units and 20 million square feet of commercial space.
—Katie Sloan