Carmel Partners Secures $643.6M Refinance From Wells Fargo For Long Island City Multifamily

The asset involved in this transaction is a 938-unit multifamily rental tower located at 43-30 24th Street in Long Island City, Queens. The property encompasses a total square footage of 1,104,555 and secured a refinancing loan amount of $643,600,000. The refinancing replaces a previous loan of $500,000,000 from the same lender, Wells Fargo.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $643,600,000
• Square Footage: 1,104,555
• Units: 938
• Address: 43-30 24th Street
• Market: Long Island City, Queens
• Lender: Wells Fargo
• Landlord: Ron Zeff - Carmel Partners
• Loan Type: Refinance

The transaction involved Ron Zeff representing Carmel Partners as the landlord in securing the refinancing from Wells Fargo for the multifamily property. This refinancing is part of a strategic move to replace the prior loan and effectively manage the financial structure of the property.