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Debt & Equity

Luxury Tower 28 refinanced with $250M from Morgan Stanley

Heatherwood Luxury Rentals has refinanced its Tower 28 development with a $215 million loan from Morgan Stanley.

JLL Capital Markets arranged the loan for the luxury multifamily tower in the Queensboro Plaza neighborhood of Long Island City, Queens.

The group worked on behalf of Heatherwood Luxury Rentals to place the loan with Morgan Stanley.

Aaron Appel and Jonathan Schwartz, Vice Chairmen; Matt Collins and Brian Buglione, Associates; and Michael Ianno, Analyst, led the JLL Capital Markets team handling the debt assignment.

“Tower 28 provides residents with the opportunity to live in a newly built luxury tower that offers a swift commute into Midtown, Hudson Yards, and the rest of Manhattan,” said Appel. “Tower 28’s unrivaled location and luxury finishes make it the most sought-after rental property on the market in the rapidly expanding Long Island City area.”

The 58-story Tower 28, located at 42-12 28th Street in Queens, was designed by Hill West Architects and completed in March 2017.

The property contains 450 market-rate units spanning 330,708 rentable square feet. Building amenities include a game room, resident lounge, 46th floor furnished outdoor terrace, 59th floor observation deck, and indoor pool with retractable roof, among others.

The unit mix is diverse, consisting of studio, one-, two-, three-, and four-bedroom options with varying designs and styles.

The property provides access to six different subway lines. With the recent extension of the 7 line to the far west side of Manhattan, residents will be able to reach Hudson Yards in 20 minutes or less.

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