The 197-unit multifamily building is near Court Square in Long Island City

New York, NY – Global commercial real estate advisor, Avison Young has successfully secured a $65 million first mortgage refinancing loan for a multifamily building located at 45-50 Pearson Street, in the Court Square area of Long Island City, New York. The refinancing was arranged on behalf of an investment group that includes prominent real estate developer Ron Moelis. The 197-unit property was developed in 2012 by L+M Development Partners, which was co-founded in 1984 by Moelis and Sandy Loewentheil. 

The ownership group was represented by Avison Young’s Tri-State Debt & Equity Finance Team, led by Principal and Co-Leads, Andy Singer and Scott Singer, Executive Director, Kevin Swartz, Senior Director, Kathleen McSharry, and Analyst, David Brucker. The team arranged the five-year, floating rate loan from PCCP, and the proceeds were used to repay the existing loan from Freddie Mac. The property is managed by C+C Apartment Management, a division of L+M Development Partners.

“With the support of Avison Young, we successfully closed on a financing package with favorable rates and flexible terms, enabling us to move forward with our business plan,” said Moelis. “This was our first experience working with Avison Young’s Tri-State Debt & Equity Finance team, and we appreciated their thoughtful guidance and proactive support throughout the process. We are also pleased to continue our relationship with PCCP. who helped complete the transaction within a 45-day closing period.”

“Andy, Scott and I collaborated closely with our colleagues James Nelson and Erik Edeen, U.S. Investment Sales team leaders as well as Brandon Polakoff, Tri-State Investment Sales team leader, to support ownership in evaluating strategic options - whether to pursue a sale or refinance – amid significant market volatility in recent months,” said Swartz. “We had the privilege of working with Ron Moelis and other respected New York City real estate investors on this transaction, and we look forward to continuing to grow this relationship through future collaborations.”

“We’re thrilled to have closed another loan with Ron. PCCP was pleased to have the opportunity to provide this financing given our strong relationship and history with L+M, our deep knowledge of the Long Island City multifamily market and the strength of this asset,” added Brian Haber, Managing Director of PCCP. PJ Finley and Jack Bronsky also assisted on this loan transaction.