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Sign in Sign up for a FREE subscriptionGreystone arranges $425m construction loan for Long Island City’s tallest residential tower
Greystone has arranged a $425 million construction loan for BLDG Management Co.’s (BLDG) newest mixed-use development, The Orchard, located in Long Island City, N.Y.
Upon completion, the property will be the tallest residential tower in Long Island City, featuring 824 residential apartments, 207 parking spaces, more than 100,000 square feet of world-class amenities and 13,000 square feet of above-grade retail space. The project will be one of the last large-scale new rental developments eligible to receive a 35-year real estate tax exemption under the recently expired Affordable New York Housing Program (formerly known as 421-a), which requires 30 percent of the apartments to be set aside for households earning at or below 130 percent of area median income.
M&T Bank led the $425 million financing as Administrative Agent, with U.S. Bank and Bank of China as co-joint lead arrangers, and with Israel Discount Bank of New York, City National Bank and Bank Hapoalim als
