Tishman Speyer borrows $1 billion from Bank of America and Wells Fargo for rental tower in Long Island City

Tishman Speyer through the entity LIC Development Owner, L.P. as borrower signed a loan agreement with lender Bank of America and Wells Fargo valued at $1 billion for Jackson Park, containing 1,871 residential units at 30-02 Queens Boulevard, 28-02 Jackson Avenue, 28-30 Jackson Avenue in Long Island City. The deal closed on September 27, 2019 and was recorded on September 30, 2019.

The average loan per unit is approximately $530,000.
Jackson Park is a three-building complex with a total of 1,871 apartments, which opened in 2018 and 2019. The $1 billion loan replaces a $640 million construction loan and provides $360 million in new debt. Tishman Speyer was represented in the transaction by the JLL’s Michael Tepedino, Michael Gigliotti, and Geoff Goldstein. The last time the property sold was June 13, 2014, for $73,500,000.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the first of the three buildings, with 550 residential units, on April 27, 2018.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.