Updated Aug 19, 2026
Rockrose Development Secures $115.1 Million Refinance Loan From Wells Fargo For Long Island City Multifamily
43-14 Queens Street
$115,100,000
$598/SF
Building Size
192,284 SF
Asset Type
MultiFamily
Closing
Aug 10, 2026
About this deal
AI
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.
On the Map
$115,100,000
$598/SF
MultiFamily
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Players
Long Island City MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93