BLDG Management Secures $425M Construction Loan For Long Island City Development

BLDG Management Company has secured a $425 million construction loan from M&T Bank, Israel Discount Bank, City National Bank, and Bank Hapoalim. The loan will finance the development of The Orchard, a residential tower located at 42-02 Orchard Street in Long Island City, Queens. The property is a development site and will consist of 824 apartments, retail space, and various amenities. The project aims to provide affordable housing options and contribute to the transformation of the neighborhood's skyline.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $425,000,000
• Address: 42-02 Orchard Street, Long Island City, Queens
• Market: Long Island City, Queens
• Lender(s): M&T Bank, Israel Discount Bank, City National Bank, Bank Hapoalim, U.S. Bank, Bank of China, and other contributors
• Landlord: BLDG Management Company - Lloyd Goldman
• Brokers: Drew Fletcher, Paul Fried, Bryan Grover - Greystone Capital Advisors

The construction loan was secured by BLDG Management Company, with assistance from brokers Drew Fletcher, Paul Fried, and Bryan Grover of Greystone Capital Advisors. The development of The Orchard signifies BLDG Management Company's commitment to providing affordable housing options in Long Island City, as the project aims to create an impressive residential tower with various amenities for the community to enjoy.