Avison Young secures $115 million loan for Rockrose Development’s 301-unit Eagle Lofts Collection, Phase 2 multifamily property in Long Island City

Wells Fargo Multifamily Capital provided Fannie Mae financing for the Court Square residential community

New York, NY – Global real estate advisor 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 Street in Long Island City, New York. 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 Vice President 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.”

“Rockrose has been a driving force in the transformation of Long Island City for decades and our entire team is proud to have secured financing for another exceptional addition to the neighborhood with Eagle Lofts Collection, Phase 2,” said Brancato. “This transaction also reflects the strength of our longstanding relationships with both Wells Fargo and the Singer team at Avison Young. We are grateful for their partnership in helping us continue delivering best-in-class residential communities across New York City.”

"With 301 new residences, nearly a third of them affordable, Eagle Lofts Collection, Phase 2 meaningfully expands housing access in Long Island City," said Maniscalco. "We were pleased to serve as the Fannie Mae DUS lender on this financing and continue our focus on quality multifamily housing across New York City."

Located in Long Island City’s Court Square neighborhood, Eagle Lofts Collection, Phase 2 is a 70% market-rate, 30% affordable residential property that shares a lobby and amenities with Rockrose’s adjacent 790-unit Eagle Lofts Collection, Phase 1. The property features a full suite of amenities, including a spa with unique saunas and therapy rooms, the Speakeasy Sports Parlor with bowling alley, golf simulator, and Olympic size ski simulator, as well as a rooftop pool with Manhattan skyline views. Residences offer open layouts, oversized windows, high ceilings, and premium condo-like finishes.

Over the past five decades, Rockrose has acquired, developed or repositioned nearly 6 million square feet of office space and approximately 15,000 residential apartments in New York and Washington, DC. The company has pioneered many of New York’s most sought-after neighborhoods and continues to find opportunities to establish new communities. Within the Long Island City market, Rockrose’s work began on the waterfront, where it planned and led the development of Stage II of the Queens West Development Corporation project, before expanding into Court Square.