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

The development site at 42-02 Orchard Street, located in Long Island City, Queens, is the focus of a significant construction financing arrangement. The deal involves a loan amount of $425,000,000 earmarked for the construction of The Orchard, which is set to be the tallest residential tower in the area. This project will include a total of 824 apartments, retail space, and a variety of amenities aimed at promoting affordable housing and enhancing the neighborhood's skyline.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $425,000,000
• Lender: M&T Bank, Israel Discount Bank, City National Bank, Bank Hapoalim
• Landlord: BLDG Management Company - Lloyd Goldman
• Broker Representatives: Drew Fletcher, Paul Fried, Bryan Grover - Greystone Capital Advisors

The financing secured by BLDG Management Company will facilitate the construction of a prominent residential development. This deal is notable for its potential impact on the local housing market and skyline, with the involvement of multiple financial institutions indicating a strong investor confidence in the project led by Lloyd Goldman and his team at Greystone Capital Advisors.