Rockrose Development borrows $350M from Wells Fargo assigned to Fannie Mae for property in Long Island City

Rockrose Development through the entity 43-22 Queens Street L.L.C as borrower signed a loan agreement with lender Wells Fargo — which assigned the debt to Fannie Mae — through the entity Wells Fargo Bank valued at $350 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 790 residential units at Eagle Lofts at 43-22 Queens Street in Long Island City. The deal closed on March 18, 2020 and was recorded on March 18, 2020.
The property contains a total of 710,860 square feet of built space.
The average loan per unit is $443,038.
This is a take-out loan, replacing the $255 million in secured construction financing provided by Bank of America. That loan and a gap loan of $95 million make up the new debt package. The last time the property sold was December 14, 2012, when Rockrose bought it for $48,000,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 790 residential (or hotel) units on June 27, 2018.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $100. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link