An affiliate of Rockrose Development has secured $115 million of agency-backed debt to refinance a newly completed multifamily complex in Long Island City, Queens, Commercial Observer has learned.

Wells Fargo Multifamily Capital closed the Fannie Mae-backed loan for Rockrose’s 301-unit Eagle Lofts Collection, Phase 2, which opened last year in Long Island City’s Court Square neighborhood. The 19-story building on 43-14 Queens Street shares a lobby and amenities with Rockrose’s adjacent 790-unit Eagle Lofts Collection, Phase 1 tower. 

Avison Young negotiated the debt with a tri-state debt and equity finance team consisting of  Scott Singer, Andy Singer, Kevin Swartz and Kathleen McSharry.

“Long Island City remains one of the region’s most compelling multifamily markets, driven by strong residential demand, extraordinarily convenient transportation, and ongoing neighborhood growth,” Scott Singer, principal at Avison Young, said in a statement. “Phase 2 has further elevated Rockrose’s earlier Phase 1 of the Eagle Lofts Collection.”

Seventy percent of apartments at Eagle Lofts Collection, Phase 2 are market rate with 30 percent of the units designated as affordable housing. The property’s amenities include a spa with saunas, a bowling alley, a golf simulator and a rooftop pool.

Wells Fargo originated the loan with a team led by Pete Cannava, head of multifamily capital and community lending and Investment; Philip Maniscalco, head of production for multifamily capital; and Brian Antonuccio, head of East Coast production.

“With 301 new residences, nearly a third of them affordable, Eagle Lofts Collection, Phase 2 meaningfully expands housing access in Long Island City,” Maniscalco said in a statement. 

Richard Brancato, chief operating officer at Rockrose, said in a statement, the transaction “reflects the strength” of its “long-standing relationships” with Wells Fargo and Avison Young. 

Andrew Coen can be reached at acoen@commercialobserver.com. 

Keywords: Andy Singer, Brian Antonuccio, Kathleen McSharry, Kevin Swartz, Pete Cannava, Philip Maniscalco, Richard Brancato, scott singer, Avison Young, Fannie Mae, Rockrose Development, Wells Fargo