Ron Moelis Of L&M Development Partners Secures $65M Refinance For Long Island City Multifamily

A refinancing transaction took place for a multifamily property located at 45-50 Pearson Street in Long Island City. The property consists of 197 residential units and has a loan amount of $65,000,000 secured by a first mortgage refinance. The loan has a five-year term and is structured as a floating rate loan.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $65,000,000
• Lender: PCCP
• Landlord: Ron Moelis - L+M Development Partners
• Brokers: Andrew J. Singer, Scott Singer, Kevin Swartz, Kathleen McSharry & David Brucker - Avison Young
• Loan Type: Refinance
• Loan Term: five-year, floating rate loan

Avison Young was engaged to arrange the refinancing, representing an investment group that includes developer Ron Moelis. The transaction highlights the collaboration between the investment group and the brokerage team in securing favorable loan terms for the property investment.