Avison Young Secures $115 Million Fannie Mae Financing for Queens Apartment Development

Avison Young's capital markets group has secured $115 million in Fannie Mae financing for a 301-unit apartment building located in Long Island City, Queens. This transaction, facilitated by Wells Fargo through Fannie Mae’s Delegated Underwriting Service (DUS) program, supports Phase II of the Eagle Lofts Collection, a significant multifamily development by owner Rockrose Development.

The newly financed building contributes to a total of nearly 1,100 new units added to the local housing supply, following the completion of Phase I which comprised 790 units. Phase II offers a mix of studio, one-, and two-bedroom residences, with 30 percent of the units designated as affordable housing. The property boasts extensive amenities, including a spa, therapy rooms, a speakeasy sports parlor featuring a bowling alley and simulators, a rooftop pool, fitness center, children’s playroom, and a pet washing station.

This financing deal underscores the continued availability of agency debt for large-scale multifamily projects, particularly those incorporating affordable housing components, providing a crucial funding pathway for developers in competitive urban markets like New York City.