Dealmaker: Greystone Arranges $425M Construction Loan for Residential Tower in Long Island City

(Courtesy Greystone)

Greystone, New York, arranged a $425 million construction loan for a new mixed-use development with BLDG Management Co. in Long Island City, New York.

M&T Bank led the 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 advisers in arranging the financing on behalf of BLDG.

The building, dubbed The Orchard, will be the tallest residential tower in the Long Island City neighborhood of Queens

“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 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.”