BLDG Management Co. has secured a $425 million construction loan for The Orchard, a 824-unit mixed-use development in New York’s Long Island City neighborhood.
M&T Bank was administrative agent on the loan, while U.S. Bank and Bank of China were co-joint lead arrangers. The Israel Discount Bank of New York, City National Bank and Bank Hapoalim also contributed to the financing.
Perkins Eastman Architects is the project’s main architect, while Triton Construction is the general contractor. Drilling and excavation work started last year, with the development’s site encompassing an entire block. Breeze National, the demolition contractor, will level three separate industrial buildings for the creation of a parking garage.
Upon its expected completion in 2026, The Orchard will receive a 35-year real estate tax exemption under the Affordable New York Housing Program, previously known as 421-a, which requires that 30 percent of the units be designated for residents earning below 130 percent of the area median income.
Greystone Capital Advisors’ President Drew Fletcher, Executive Managing Director Paul Fried and Director Bryan Grover brokered the deal and arranged the financing on behalf of the developer. The brokerage company recently arranged $287 million in construction financing and preferred equity for the development of a 456-unit, 474,000-square-foot mixed-income apartment community in Brooklyn.
Long Island City’s tallest residential tower
The 69-story skyscraper will comprise 824 residential units, 100,000 square feet of amenities, 13,000 square feet of retail space and 207 parking spaces. The common-area amenities will include a fitness center, indoor and outdoor swimming pools, a rooftop deck, a spa, a multi-sport simulator, a basketball court, a game room, laundry facilities, a lounge and barbeque areas. The property will also feature a dog park, running track, package room, refrigerated storage and controlled access.
Located at 42-02 Orchard St., the site is situated in the city’s Queens borough. The property will rise near the intersection of Queens Blvd. and Jackson Ave., in an area with an abundance of dining options, retail centers and entertainment venues. Both Queens Plaza and Queensboro Plaza metro stations are within walking distance of the development.
