【NYC Real Estate】World Wide Group, Rabina Grab $160M Loan in Long Island City
- ARCFE U.S.
- 10 hours ago
- 1 min read
World Wide Group and Rabina have secured a massive $160 million refinancing package for QLIC, a 53-story luxury rental tower in Long Island City, Queens. The loan was provided by Wells Fargo and signals strong institutional confidence in the Long Island City rental market.
The 795-unit tower at 29-22 Northern Boulevard stands as one of the tallest residential buildings in Queens. QLIC features a full suite of premium amenities including a rooftop pool, fitness center, coworking spaces, and a landscaped courtyard. The building has maintained strong occupancy since its completion.
The refinancing replaces the property's original construction debt and reflects the project's successful lease-up and stabilization. With rents in Long Island City continuing to climb and vacancy rates remaining tight, institutional lenders are eager to deploy capital in the submarket.
This transaction further validates Long Island City's position as one of New York's premier residential destinations. The willingness of a top-tier bank like Wells Fargo to commit $160 million to a single LIC asset underscores the neighborhood's exceptional fundamentals and long-term growth trajectory.
Source: The Real Deal
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