A 69-story tower dubbed The Orchard will soon go up as the tallest residential tower in Long Island, New York. Recently, BLDG Management Co. secured a $425 million construction loan for the project, which will include residential and retail components.
It was Greystone‘s team of Capital Advisors who brokered the deal and arranged the financing on behalf of the developer. M&T Bank acted as the administrative agent on the $425 million loan for The Orchard Project. While the U.S. Bank and Bank of China jointly led the arrangement. The financing for the Orchard involved contributions from Israel Discount Bank of New York, City National Bank, and Bank Hapoalim.
Construction on The Orchard is taking place at 42-02 Orchard St in Queens Borough. The development site, which is at the intersection of Queens Blvd. and Jackson Ave, encompasses an entire block. Consequently, the demolition contractor, Breeze National will have to raze three separate industrial buildings to make way for the development. The developers already commenced the drilling and excavation work at the site last year.
Development plans for The Orchard tower project
Once complete, the Orchard will be a 69-story tower consisting of 824 residential units, with 100,000 square feet of amenities. It will offer shared amenities such as a fitness centre, indoor and outdoor pools, a rooftop deck, and more.
Future occupants will also have access to a dog park, running track, package room, refrigerated storage, and controlled access. Additionally, the tower features a 13,000-square-foot retail space and 207 parking spaces.
The developers expect the Orchard Tower project to reach completion by 2026. Afterwards, the development will qualify for a 35-year tax exemption under the Affordable New York Housing Program.
This program mandates that 30% of the units be reserved for residents earning below 130% of the AMI. The main architect working on the project is Perkins Eastman Architects, while the general contractor is Triton Construction.