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Heatherwood lands Refi for 42-12 28th Street

Morgan Stanley provided the debt

Rendering of 42-12 28th Street (Credit: Heatherwood)

Heatherwood Luxury Rentals has secured a $215 million loan from Morgan Stanley to refinance 42-12 28th Street in Long Island City. The newly built residential tower spans 398,702 SF, and contains 451 apartments, plus a ground-floor retail component (5,878 SF).

Financing details: The new debt replaces an $154 million construction loan provided by PNC Bank in 2015, according to TRD.

Flashback: Heatherwood paid $12.6 million for the development site in 2011, and subsequently bought additional air rights for another $10.2 million.

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