Benefit Street Partners Provides $84M Refi for Queens Luxury Rental Tower
The 170-unit Trylon Tower opened this year in Rego Park on the site of the now demolished Trylon Theater
By Brian Pascus December 8, 2025 12:18 pm
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RJ Capital Holdings has secured $84 million to refinance Trylon Tower, a 170-unit luxury residential tower that opened this year in Queens, Commercial Observer can first report.
Benefit Street Partners provided the debt, while a Newmark team of Jordan Roeschlaub, Daniel Fromm and Sam Speciale arranged the financing, according to a release from Newmark.
Located at 98-81 Queens Boulevard in the Rego Park neighborhood, Trylon Tower opened in March 2025 and stands 16 stories. The apartment complex features one- to three-bedroom units spread over 107,000 square feet. Additionally, the building holds 45,000 square feet of commercial space across eight units.
The building was financed under the state’s now-expired 421a affordable housing tax abatement and holds 60 affordable units.
Trylon Tower was built on the site of the former Trylon Theatre, a classic Art-Deco movie house that opened during the 1939 World’s Fair and was demolished in 2022. The current apartment complex pays tribute to the defunct theater in its ornamental and vertical terra cotta design.
RJ Capital Holdings and Benefit Street Partners did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com.
