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JLL Arranges $215M Refi on Luxury Rentals in Long Island City

JLL Capital Markets has arranged a $215-million loan to refinance Tower 28, a luxury multifamily tower in Long Island City’s Queensboro Plaza neighborhood. The group worked on behalf of Heatherwood Luxury Rentals to place the loan with Morgan Stanley.

Vice chairmen Aaron Appel and Jonathan Schwartz, associates Matt Collins and Brian Buglione, and analyst Michael Ianno led the JLL Capital Markets team handling the debt assignment.

“Tower 28 provides residents with the opportunity to live in a newly-built luxury tower that offers a swift commute into Midtown, Hudson Yards and the rest of Manhattan,” said Appel. “Tower 28’s unrivaled location and luxury finishes make it the most sought-after rental property on the market in the rapidly-expanding Long Island City area.”

The 58-story Tower 28, at 42-12 28th St., was completed in March 2017. It contains 450 market-rate units spanning 330,708 rentable square feet.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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