Wells Fargo Provides $115M Fannie Mae Refinancing for Long Island City Multifamily Complex

An affiliate of Rockrose Development has secured a $115 million Fannie Mae-backed loan from Wells Fargo Multifamily Capital to refinance its Eagle Lofts Collection, Phase 2, located in Long Island City, Queens. The 301-unit multifamily complex, situated at 43-14 Queens Street in the Court Square neighborhood, became operational last year. This 19-story building integrates its lobby and amenities with Rockrose’s adjacent 790-unit Eagle Lofts Collection, Phase 1 tower.

Avison Young’s tri-state debt and equity finance team, including Scott Singer, Andy Singer, Kevin Swartz, and Kathleen McSharry, facilitated the debt negotiation. Scott Singer noted that Long Island City continues to be a strong multifamily market, driven by robust residential demand, excellent transportation, and ongoing neighborhood expansion.

The Eagle Lofts Collection, Phase 2, comprises 70 percent market-rate apartments and 30 percent designated as affordable housing. Property amenities include a spa with saunas, a bowling alley, a golf simulator, and a rooftop pool. The Wells Fargo team, led by Pete Cannava, Philip Maniscalco, and Brian Antonuccio, originated the loan. Philip Maniscalco highlighted that the project's 301 new residences, with nearly a third being affordable, substantially enhance housing access in Long Island City. This refinancing underscores the strength of Rockrose's established relationships with Wells Fargo and Avison Young.