Avison Young Arranges $115M Fannie Mae DUS loan for Rockrose

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 St. in Long Island City. 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 VP 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.”