New York City Luxury Tower Gets $215M Refi

The 450-unit residential building, the tallest tower in Queens, opened in 2017 and was developed by Heatherwood Luxury Rentals.
Tower 28

Heatherwood Luxury Rentals has secured a $215 million refinancing loan for Tower 28, a 450-unit luxury community in Queens, New York. A JLL Capital Markets team of Aaron Appel, Jonathan Schwartz, Matt Collins, Brian Buglione and Michael Ianno arranged the loan, which was provided by Morgan Stanley.

The 58-story property, located at 42-12 28th Street in Long Island City, is the tallest tower in Queens. Designed by Hill West Architects and completed in March 2017, the luxury community offers a mix of studio, one-, two- three- and four-bedroom units spanning 330,708 square feet. Resident amenities at the building include a game room, resident lounge, 46th floor furnished outdoor terrace, 59th floor observation deck and indoor pool with retractable roof.

“Tower 28 provides residents with the opportunity to live in a newly built luxury tower that offers a swift commute into Midtown, Hudson Yards and the rest of Manhattan,” said Appel, in prepared remarks. “Tower 28’s unrivaled location and luxury finishes make it the most sought-after rental property on the market in the rapidly expanding Long Island City area.”

Earlier this month, Naftali Credit Partners closed a $65 million construction loan for a 74-unit luxury condo development in the Forest Hills neighborhood of Queens.

Image courtesy of Tower 28