Project Overview
Project Overview
Project Overview
Location
Long Island City, NY
Location
Long Island City, NY
Number of Units
122 Units
Number of Units
122 Units
Loan Amount
$74,000,000
Loan Amount
$74,000,000
Asset Type
Luxury Multifamily Development
Asset Type
Luxury Multifamily Development
Transaction Challenges:
» The refinance was pursued during a volatile interest rate environment, creating uncertainty in the CMBS market and making lenders cautious on sizing. » The property included a mandatory inclusionary housing affordable component, which often limits lender appetite and complicates underwriting for long term debt executions.
Transaction Challenges:
» The refinance was pursued during a volatile interest rate environment, creating uncertainty in the CMBS market and making lenders cautious on sizing. » The property included a mandatory inclusionary housing affordable component, which often limits lender appetite and complicates underwriting for long term debt executions.
ArrowREA Solution:
» Secured a $74 million CMBS refinance by emphasizing the overall quality of the project, the stability of the Long Island City rental market, and the Sponsor’s proven ability to deliver successful developments. » This structure provided long term, accretive capital that balanced the affordable component while supporting the luxury positioning of the property and delivering certainty of execution in a challenging capital markets environment.
ArrowREA Solution:
» Secured a $74 million CMBS refinance by emphasizing the overall quality of the project, the stability of the Long Island City rental market, and the Sponsor’s proven ability to deliver successful developments. » This structure provided long term, accretive capital that balanced the affordable component while supporting the luxury positioning of the property and delivering certainty of execution in a challenging capital markets environment.
We partner with investors and developers to unlock optimal financing by leveraging our deep network of capital providers and delivering strategies tailored to each opportunity.
We partner with investors and developers to unlock optimal financing by leveraging our deep network of capital providers and delivering strategies tailored to each opportunity.
We partner with investors and developers to unlock optimal financing by leveraging our deep network of capital providers and delivering strategies tailored to each opportunity.