Rockrose Development Secures $115.1 Million Refinance Loan From Wells Fargo For Long Island City Multifamily

The asset involved in this transaction is a multi-family residential building located at 43-14 Queens Street, in the Long Island City market. The property comprises 300 units and has a total square footage of 192,284. The loan amount secured for this property is $115,100,000 through a refinancing deal.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $115,100,000
• Address: 43-14 Queens Street
• Market: Long Island City
• Asset Size: 192,284 SF
• Units: 300
• Lender: Wells Fargo
• Landlord: Henry Elghanayan - Rockrose Development
• Loan Type: Refinance

This refinancing arrangement replaces a prior construction loan amounting to $105 million, which was also issued by Wells Fargo in 2024. The landlord involved in this transaction is Henry Elghanayan, associated with Rockrose Development, which manages the asset.