Long Island City Multifamily Refinancing: Wells Fargo Closes $115M Eagle Lofts Loan
Updated: Sep 22
Long Island City has recorded another major residential financing transaction, this time involving a newly completed apartment property in Court Square.
Rockrose Development has secured $115 million in Fannie Mae-backed refinancing for Eagle Lofts Collection Phase 2, a 301-unit multifamily property at 43-14 Queens Street. Wells Fargo Multifamily Capital closed the loan, while Avison Young arranged the financing.
The 19-story property opened in 2025 and includes 70% market-rate apartments and 30% affordable housing. It shares a lobby and amenities with the adjacent Eagle Lofts Phase 1 development.
The property is located in Court Square, where residents have access to multiple subway lines and the broader Long Island City commercial and residential district. Rockrose describes Eagle Lofts as being in the heart of Court Square, with several transit options within a short walk.
Avison Young also pointed to strong residential demand, convenient transportation and continued neighborhood growth as reasons Long Island City remains attractive for multifamily investment.
Why Long Island City Multifamily Refinancing Matters for New York Real Estate
The important part of this transaction is not simply the $115 million loan amount.
Eagle Lofts Phase 2 has already moved beyond development and construction and into the operating stage. Its ability to secure institutional, agency-backed refinancing after completion adds another real-world data point showing that capital continues to support residential assets in Long Island City.
The transaction does not disclose occupancy and should not be interpreted as proof of full lease-up or guaranteed operating performance. But from a market perspective, it demonstrates that newly delivered LIC residential properties can continue accessing major financing channels after construction.
EB-5 Investor Insight
For EB-5 investors, this is an important distinction.
A healthy real estate market needs more than developers willing to build. Completed assets also need tenants or buyers, operating capital and access to financing as they move through the next stage of their lifecycle.
Eagle Lofts provides a concrete example of that progression in LIC: a residential property was completed, opened to the market and subsequently obtained a nine-figure refinancing from a major institutional lender.
No single refinancing can guarantee the future outcome of another project. But repeated residential financing activity gives investors useful evidence that institutional capital continues to participate in the Long Island City market.
ARCFE View
For ARCFE, this transaction is particularly relevant because Long Island City is one of the New York markets we follow most closely.
Eagle Lofts is not an isolated financing event. Other newly developed LIC multifamily properties have also secured substantial financing during 2026, including The Italic and Dutch House. Together, these transactions show continued lender participation across multiple residential assets in the neighborhood.
That matters to ARCFE because our analysis does not stop when a building is completed. With nearly 20 years of New York real estate lending experience through iCross Capital, we look at the entire property lifecycle: development, construction, market absorption, operation and eventual sale or refinancing.
This market context is also relevant to ARCFE Group 22 | Skyline Tower II, another residential development in Long Island City. The projects have different business plans, and Eagle Lofts’ refinancing does not predict Group 22’s future results.
What it does show is something broader and valuable: LIC is a market where residential development is not only being built, but where completed assets continue to attract substantial institutional financing.
For potential EB-5 investors, that depth of residential activity and capital participation is an important part of understanding the market environment into which future LIC projects will ultimately be delivered.
Related ARCFE Resources
Review important travel, residency, tax and immigration considerations after receiving a conditional green card.
Understand how senior debt, mezzanine financing and equity differ in repayment priority and risk exposure.
Learn why financing, market demand, project execution and repayment planning should be evaluated together.
Interested in New York Real Estate-Backed EB-5 Opportunities?
Discover Skyline Tower II, ARCFE’s current EB-5 project in Long Island City, Queens.
Complete the form and our team will follow up to discuss your EB-5 planning and current project options.
Sources
Disclaimer: Articles published under the "News" category are curated from third-party media sources for informational purposes only. ARCFE does not claim ownership of the original content, nor does it guarantee the accuracy, completeness, or timeliness of the information presented. The views and opinions expressed in these articles are those of the original authors and do not necessarily reflect the position of ARCFE. Nothing contained herein constitutes investment, legal, or tax advice. Readers are encouraged to consult with qualified professionals before making any investment decisions.
