Ron Moelis Scores $65M Refinancing for LIC Multifamily Property

L+M Development Partners co-founder Ron Moelis has landed $65 million to refinance a multifamily property in Long Island City, Queens, Commercial Observer has learned.

The tenant-in-common ownership structure which includes Moelis is replacing an earlier $70 million loan from Wells Fargo on the 197-unit building at 45-50 Pearson Street, which was developed in 2012 by L&M and is still managed by a division of the firm, according to Avison Young, which arranged the refinancing.

Investment manager PCCP provided the five-year, floating-rate loan.

Avison Young’s tri-state debt and equity finance team which includes Andy Singer, Scott Singer, Kevin Swartz, Kathleen McSharry and David Brucker. Brian Haber, PJ Finley and Jack Bronsky arranged the loan on behalf of PCCP.

“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,” Swartz said in a statement.

Also known as Pearson Court Square, the 15-story building sits just south of Jackson Avenue near the Court Square stop for the G and 7 trains. The building has over 171,000 square feet of market-rate rental apartments developed over a decade ago in a period when the housing developments were booming in the western Queens neighborhood. Its apartments’ interior designs are reminiscent of a warehouse, which are common in the area thanks to its industrial roots, according to L&M.

Mark Hallum can be reached at mhallum@commercialobserver.com.