Morgan Stanley provided the debt
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.