Real Estate Weekly
Image default
Deals & Dealmakers

Avison Young arranges $210 million refinancing for Rockrose of 396-unit Long Island City luxury apartment building

 Avison Young announced today that its Tri-State Debt & Equity Finance Group has arranged a $210 million refinancing of 47-05 Center Boulevard in Long Island City on behalf of the owner, an affiliate of Rockrose. 47-05 Center Boulevard is a 396-unit Long Island City luxury apartment building that boasts an extensive collection of indoor and outdoor amenities as well as sweeping skyline and water views in four different directions.

Avison Young Principal & Co-Lead of Tri-State Debt & Equity Finance Andy Singer and Senior Director Kathleen McSharry spearheaded the assignment. The lender was Metropolitan Life Insurance Company.

“We are proud to have brought our 47-year relationship with Rockrose to Avison Young, and to have refinanced this outstanding apartment building,” said Singer. “The borrower made the smart decision to rate lock at the earliest possible moment (in December), which allowed them to secure the financing before changes in Fed policy started the current run-up in interest rates”.

Built by Rockrose in 2007, 47-05 Center Boulevard is a 31-story luxury apartment building overlooking the East River with spectacular views in four directions – Manhattan to the west, Brooklyn to the South, The Long Island Sound to the north and Long Island to the east.

“The Singers delivered on their promise that we would continue to receive the same high-level focus and expertise from their team at Avison Young that we’ve historically received from SBO prior to it being acquired,” said Richard Brancato, COO of Rockrose. “This is the first transaction that we have closed with MetLife, and it was another seamless execution.”  

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2021 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 10 consecutive years.

Related posts

Avison Young arranges 99-year ground lease for an estimated $21.5 million


Rosewood Realty Group Brokers $36.5 Million Sale of 15-Story Hells Kitchen Mixed-Use Building


Miller Construction Begins Work on an 80,000-Square-Foot Build-to-Suit Industrial Warehouse in Orlando