Rockrose Secures $210M Refi for Queens Community

2 min read

MetLife provided the loan for the 396-unit Long Island City property.

4705 Center Blvd. Image courtesy of Avison Young

Rockrose has landed another refinancing for one of its luxury communities in New York City. An affiliate of Rockrose secured a $210 million refinance loan for 47-05 Center Blvd. in Queens, N.Y., which was provided by Metropolitan Life Insurance Co.

According to Yardi Matrix data, the previous loan for the community was a $159 million loan provided by Deutsche Bank in April 2012. For this more recent refinancing, Avison Young’s Andy Singer and Kathleen McSharry arranged the financing. Singer said in prepared remarks that the borrower locked in rates in December, allowing Rockrose to secure financing before the current run-up in interest rates. Singer and McSharry were also part of an Avison Young team that recently arranged a $204 million construction loan for a 330-unit luxury community in Manhattan’s Hell’s Kitchen neighborhood.

As for 47-05 Center Blvd., Rockrose built the 31-story community in 2007 and recently renovated the interiors. The 396-unit community is fully occupied and offers studio, one- and two-bedroom floorplans with some penthouse options. Rockrose also built the luxury community with a 35,000-square-foot deck, fitness center, pool, screening room, game room, party room, laundry room, steam and sauna rooms and resident lounges.

Located in Queen’s fast-growing Long Island City submarket, 47-05 Center Blvd. is a few blocks away from the Vernon Blvd – Jackson Av subway stop, putting it one stop away from Manhattan’s Grand Central Station. The community is also located nearby Gantry Plaza State Park, a 12-acre park located right on the East River.

ROCKROSE’S NEW YORK COMMUNITIES

Richard Brancato, COO of Rockrose, said in prepared remarks that this is the first transaction the company has closed with MetLife. But, Rockrose’s portfolio includes several communities located throughout Manhattan and the company has worked with other lenders to refinance some of its Manhattan communities. In October 2020, the company landed a $136.3 million refinancing for 200 Water St., its 575-unit community in Manhattan’s Financial District neighborhood.

Besides Long Island City, Rockrose also has communities in lower Manhattan and the borough’s West Side. In total, the company has developed or repositioned approximately 15,000 residential apartments in New York and Washington, D.C.

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