Hunt Mortgage Group has provided an $87 million Fannie Mae loan to refinance Citylights at Queens Landing, a multifamily residential tower located near the Long Island City waterfront in Queens, New York.
The 20-year loan takes out a previous $80 million loan the company provided in 2008.
The borrower secured the financing to “lock in a lower rate and to complete some capital improvements, including new roofs and ongoing scheduled upgrades,” said Steven Cox, managing director at Hunt Mortgage Group.
The borrower is Citylights at Queens Landing, Inc., a New York corporation and cooperative.
The 42-story building at 474 48th Avenue, constructed in 1996 and situated on a single 1.8 acre parcel of land, contains 522 apartments, 527 parking garage spaces and approximately 38,542 sq ft of commercial space at street level, including a 30,430 sq ft New York City public elementary school. A rooftop space is leased to Radiate Media as well as the US Coast Guard and the Fire Department of New York.
The property is located on the entire block bound by 5th Street to the east, 48th Avenue to the north, 49th Avenue to the south, and Center Boulevard to the west.
The government-sponsored enterprises, Fannie Mae and Freddie Mac, combined with the Federal Housing Authority (FHA), are expected to originate $102 billion in loans by the end of 2015 compared with $73 billion in 2014, according to the Mortgage Bankers Association. Experts expect about $90 billion of that to come from Fannie and Freddie.