Greystone has secured a $425 million construction loan for The Orchard, a mixed-use development in Long Island City. M&T Bank led the financing as administrative agent, with U.S. Bank and Bank of China acting as co-joint lead arrangers and Israel Discount Bank of New York, City National Bank and Bank Hapoalim also participating in the facility. Greystone Capital Advisors’ Drew Fletcher, Paul Fried and Bryan Grover served as exclusive advisors to BLDG Management Company on arranging the financing for this project which will feature 824 apartments – making it the tallest residential tower in Long Island City – along with 207 parking spaces, retail space and extensive amenities.
The Orchard is one of few large-scale rental developments eligible for a 35-year real estate tax exemption due to its location within Long Island City’s boundaries. This significant loan marks an important step forward towards completion of this ambitious project that promises to bring much needed housing units into Queens’ bustling neighborhood while providing residents access to high quality amenities at competitive prices
