NEW YORK, June 21, 2023 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, announced it has arranged a $425 million construction loan for BLDG Management Company, Inc.’s (“BLDG”) newest mixed use development, The Orchard. Upon completion, the property will be the tallest residential tower in Long Island City, featuring 824 residential apartments, 207 parking spaces, over 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% of the apartments to be set aside for households earning at or below 130% AMI.
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 also participating in the facility. Greystone Capital Advisors’ Drew Fletcher, Paul Fried and Bryan Grover served as exclusive advisors in arranging the financing on behalf of BLDG.
“Despite the challenging market, this significant financing demonstrates that there is still strong lender appetite for high quality multifamily projects, especially with an affordable component,” said Drew Fletcher, President of Greystone Capital Advisors. “The Orchard will transform the Long Island City skyline while also providing desperately needed affordable housing for the neighborhood.”
Situated in the heart of Long Island City, The Orchard will rise 69 stories and over 800 feet, offering residents panoramic, unobstructed views of the greater New York City area. The property will set a new standard for luxury urban living in Long Island City with over 100,000 square feet of resort-style amenities that include a 24-hour attended lobby, state-of-the art fitness center, indoor and outdoor pools, spa with a steam room and sauna, basketball court, multi-sport simulator, lounge areas, children’s playroom, game room, movie screening rooms, work pods, dog spa, self-storage, bike room, state-of-the-art package room including refrigerated storage and on site laundry. The Project will also feature the largest privately-owned outdoor landscaped roof deck in New York City with over 1.5 acres of recreational space, including a pickleball court, great lawn with an outdoor screen, yoga and fitness areas, BBQ area, dog park, kids outdoor play area, 1/8 mile running track and much more. The building also includes an exclusive penthouse lounge with a spacious roof deck offering dramatic views of New York City and a covered motor court allowing for convenient pick-up/drop-off for the tenants.
“BLDG is thrilled to grow its long-standing relationship with Greystone through this market-leading transaction,” said Lloyd Goldman, Founder and President of BLDG. “The Orchard is a reflection of our deep commitment to building best-in-class multifamily rental projects that expand access to housing and benefit the communities in which they serve. We are also incredibly thankful to our trusted lending partners for their support and confidence despite the exceptionally challenging credit environment.”
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. Greystone Capital Advisors is a full-service real estate capital intermediary and advisory team that services a select group of the most prominent real estate owners and developers across the U.S. For more information, visit www.greystone.com.
BLDG is a private family real estate investment, development, and operating company currently managing a New York City-focused portfolio in excess of 300 properties, including 8,000 residential units and 20 million square feet of commercial space, across the country.