80/20 LIC project
Henry and Justin Elghanayan’s Rockrose Development has secured $348 million from New York State Housing Finance Agency (serviced by Wells Fargo) to refinance 43-25 Hunter Street. The LIC rental complex contains 974 apartments.
Financing Details: The loan replaces $270 million in financing that was comprised of both tax-exempt and taxable bonds, according to TRD.
This was an 80/20 project…. As a result, 20 percent of the apartments are set aside for renters earning up to 60 percent of the area median income (AMI), while the rest of the units are free market.