NEW YORK CITY—Hunt Mortgage Group has provided an $87 million Fannie Mae loan to refinance a multifamily property in Long Island City, GlobeSt.com has learned EXCLUSIVELY.
The borrower is Citylights at Queens Landing Inc. a New York corporation and cooperative. The loan is structured with a 20-year term and 19.5-years yield maintenance period.
Citylights at Queens Landing is a 42-story building that contains 522 apartments with 506 functional units (some tenants combined neighboring apartments into single units). The property is situated on a single 1.8 acre parcel of land, was constructed in 1996, and has 527 parking spaces.
"Hunt Mortgage Group originally financed the property in 2008 with an $80 million loan," explains Steven Cox, managing director at Hunt Mortgage Group. "The borrower secured this new financing to lock in a lower rate and to complete some capital improvements, including new roofs and ongoing scheduled upgrades. Overall, the property is above average in appeal and condition for this New York submarket."
The property features about 38,542 square feet of retail space at street level along 48th Avenue, including a laundry room and New York City public elementary school comprising 30,430 square feet. Citylights at Queens Landing also has roof space that is leased to Radiate Media as well as the US Coast Guard and the Fire Department of New York.
The Queens submarket posted a 3.4% overall vacancy rate as of the first quarter of 2015 and has an effective rent growth of 5.3% during fiscal year 2014, according to Hunt Mortgage Group. 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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
