Wells Fargo Arranges $115M Fannie Mae Loan for LIC Tower
The permanent financing is agency debt, and the affordable set-aside is what got it there.
Wells Fargo Multifamily Capital has closed a $115 million Fannie Mae DUS loan on Rockrose Development’s Eagle Lofts Collection, Phase 2, a 301-unit tower at 43-14 Queens Street in Long Island City’s Court Square section. Avison Young’s Tri-State Debt and Equity Finance team, led by Scott Singer and Andy Singer, arranged the financing.
Why it matters
This is a refinancing, not construction debt, on a building that has been open since 2023. That timing is the point: agency paper is where LIC sponsors are landing their permanent take-out once a lease-up stabilizes, and the deal shows Fannie Mae’s Delegated Underwriting and Servicing program still pricing multifamily risk in New York even as bank balance-sheet lending stays selective. The 30 percent affordable set-aside is not incidental. It is the structural feature that clears the DUS execution, and it is the template other LIC owners sitting on stabilized towers should be underwriting to before they shop a refi to a bank.
“With 301 new residences, nearly a third of them affordable, Eagle Lofts Collection, Phase 2 meaningfully expands housing access in Long Island City,” said Philip Maniscalco, Wells Fargo’s head of production for the deal.
The numbers
- $115 million: total Fannie Mae DUS loan amount, funded through Wells Fargo Multifamily Capital
- 301 units: total residential count at Phase 2, with roughly 30 percent (about 90 units) reserved as affordable and the balance market rate
- 790 units: size of the adjacent Phase 1 tower, which shares a lobby and amenities with Phase 2
- 2023: year Phase 2 was completed, per NYC’s PLUTO property record
What’s next
Rockrose keeps both Eagle Lofts towers, now permanently financed rather than carrying construction debt, and the deal gives other LIC sponsors a live comp for how an affordable component can move a stabilized asset onto agency paper. Watch whether Wells Fargo or another DUS lender repeats the structure on the next Court Square tower to season past its lease-up.