A bank syndicate led by PNC Bank has provided a $154m construction loan to Heatherwood Communities for the development of a 58-story multi-family rental property in Queens, New York.
PNC served as lead arranger on the deal, syndicating the loan with Santander and Union Bank. Loan terms were not disclosed.
The building is set to rise at 42-12 28th Street in the Court Square area of Queens’ Long Island City neighborhood, on an 18,000 sq ft site the developer paid $12.6m for in 2011.
The 477-unit property will feature about 329,000 sq ft of residential space, 16,120 sq ft for amenities, 5,878 sq ft of retail and 46 parking spaces on a second floor garage.
Court Square, where a 50-story Citigroup office tower at One Court Square once stuck out like a sore thumb, has seen a number of residential towers break ground over the last several years, seemingly competing for a claim as the “tallest” residential building in Queens.
The Heatherwood Communities tower, which broke ground in May of last year, is expected to rise 635 feet when it is completed in 2017.
“Lenders were drawn by the strong demand in one of the nation’s premier housing markets, as well as the prime location in Court Square, directly across the East River from Midtown Manhattan,” said Jones Lang LaSalle’s Aaron Appel, who led the team that arranged the deal with Jonathan Schwartz.
New York City-based developer Rockrose — which is building a 50-story, 907,000 sq ft, 500-ft-tall building at 43-25 Hunter Street in Court Square — spearheaded the development of the Long Island City neighborhood more than a decade ago after it purchased a 40-acre site along the waterfront, where it constructed several soaring glass and concrete towers that today define the area.