Long Island City: Grubb Properties lands $61.5M mortgage

Grubb Properties has recorded a new $61,473,684 mortgage against its Long Island City apartment tower, adding another layer of debt to a project that has drawn more than $275 million in financing since 2021.

The mortgage, dated October 14, 2026 and recorded November 2, runs from an entity called Queens Plaza North New York, LLC, which lists a mailing address at Grubb Properties’ Charlotte, North Carolina headquarters, to Bayview Commercial Mortgage Finance, LLC. The collateral is block 415, lot 4 in Queens, the parcel at 41-34 27th Street, also addressed as 25-01 Queens Plaza North, a short walk from the Queensboro Plaza subway station.

Why it matters

Fresh debt on a residential tower that already carries a construction loan is usually a signal the building has reached, or is close to, stabilized leasing, lenders price permanent and bridge paper differently than they price ground-up construction risk. Grubb’s project has been marketing affordable units through NYC Housing Connect since at least February, consistent with a building in active lease-up rather than mid-construction. For other Long Island City sponsors, the deal is a data point on what debt is available today against a stabilizing multifamily asset in the submarket, and Bayview Commercial Mortgage Finance’s willingness to write a loan of this size there.

The numbers

The new mortgage totals $61.5 million. It follows a financing history Grubb has disclosed in stages: a $25 million initial loan from Emerald Creek Capital in December 2021, a $40 million refinancing from Maxim Capital in September 2023, and a $150 million senior construction loan arranged in May 2024 as part of a $214.5 million total financing package with Kennedy Wilson and Crum & Forster. The building has been reported at 317 units in early filings and 417 units in later project descriptions, a discrepancy this outlet could not resolve against a single current permit record. The new mortgage document itself lists no unit count.

What’s next

Whether this mortgage replaces or sits alongside the 2024 construction debt is not yet established in the record this outlet reviewed. What is established is that Queens Plaza North New York, LLC has layered new, large-dollar debt onto the parcel while the building leases affordable units nearby, a sequence worth watching for a satisfaction of the earlier mortgage in ACRIS, which would confirm a full refinance rather than supplemental financing. More Queens multifamily debt: Long Island City mortgage, Bldg 32 →