The Real Deal New York

Rockrose Development lands $348M refi for LIC rental complex

The agreement replaces a 2015 loan
By Meenal Vamburkar | July 06, 2018 12:20PM

Henry and Justin Elghanayan and 43-25 Hunter St

Rockrose Development landed a $348 million refinancing for Hayden, its Long Island City apartment complex at 43-25 Hunter Street.

The lender is the New York State Housing Finance Agency, which has a servicing agreement with Wells Fargo, New York City Department of Finance records show. The loan replaces a $270 million loan from 2015.

The developer has said the project is Rockrose’s largest 80/20 property outside of Manhattan. The 974-unit multifamily development includes a 14-story building and a 50-story tower. Amenities include a full basketball court, a duplex fitness center and on-site parking garage.

Rockrose is also planning an 18-story residential building at 43-12 Hunter Street. It will have 123 units, with plans for 4,000 square feet of retail space, according to the initial application.

Rockrose split into two separate firms – Rockrose and TF Cornerstone – in 2009. Rockrose also built 4705 Center Boulevard, a 394-unit luxury rental building in Long Island City.