Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it provided an $87 million Fannie Mae loan facility to refinance a multifamily property located in Long Island City, New York.

Citylights at Queens Landing is a 42-story building that contains 522 apartments with 506 functional units (some tenants combined neighboring apartments into single units). The property is situated on a single 1.8 acre parcel of land, was constructed in 1996, and has 527 parking garage spaces.

The Borrower is Citylights at Queens Landing, Inc. a New York corporation and cooperative. The loan is structured with a 20-year term and 19.5-years yield maintenance period.

“Hunt Mortgage Group originally financed the property in 2008 with an $80 million loan,” explained Steven Cox, Managing Director at Hunt Mortgage Group. “The borrower secured this new financing to lock in a lower rate and to complete some capital improvements, including new roofs and ongoing scheduled upgrades. Overall, the property is above average in appeal and condition for this New York submarket.”

The property contains approximately 38,542 square feet of commercial retail space at street level along 48th Avenue, including one laundry room. “Included in the retail space is a New York City public elementary school that takes up 30,430 square feet of the commercial space,” added Cox. “The presence of this school is a wonderful amenity for the property, especially for families with young children.”

Citylights at Queens Landing also has roof space that is leased to Radiate Media as well as the US Coast Guard and the Fire Department of New York.

The Queens submarket posted a 3.4% overall vacancy rate as of the first quarter of 2015 and has an effective rent growth of 5.3% during fiscal year 2014. The property is located on the entire block bound by 5th Street to the east, 48th Avenue to the north, 49th Avenue to the south, and Center Boulevard to the west. The property also offers competitive amenities and excellent subway access.