Long Island City’s latest glass-and-steel newcomer just scored a serious cash boost. The Pecora, a newly delivered 26-story rental tower at 41-10 Crescent Street, has landed a $105 million refinancing as it works to finish leasing. The fresh capital replaces short-term construction debt and shifts the project onto a longer-term note aimed at stabilizing occupancy across the 184-unit building. The money could help speed up retail openings and amenity rollouts during the summer leasing season, and neighbors will be watching to see whether that translates into faster move-ins and more units hitting the market.
According to Crain's New York Business, the $105 million note was provided to Watermark Capital Group by Walker & Dunlop Investment Partners to support the building’s lease-up. Crain's reports the new financing takes out the shorter-term construction loan and converts it into a longer amortizing facility for the ownership group. That structure gives operators more breathing room to finish leasing and activate the ground floor without the pressure of a looming maturity date. Crain's also places the Pecora deal alongside a recent run of sizable Queens refinancings that signal lenders are still open for business in the borough.
As reported by Multi-Housing News, The Pecora’s 184 apartments break down to roughly 43 studios, 101 one-bedrooms and 40 two-bedrooms, with 56 units set aside as affordable housing. MHN notes that amenities include a fitness center, rooftop terrace, children’s playroom and a screening room, plus about 9,000 square feet of ground-floor retail and 41 parking spaces. The outlet also notes that the refinancing pays off a roughly $70 million construction loan that underwrote the project in 2024, and reports that ownership intends to use the new note to “stabilize” the leasehold interest as leasing continues.
Who arranged the loan
Industry reports show that Arrow Real Estate Advisors brokered the financing on behalf of the ownership. Bisnow lists Arrow principals on the deal and identifies Walker & Dunlop Investment Partners as the capital provider. That pairing of a national multifamily lender with a boutique arranger is a familiar setup for lease-up and stabilization loans in New York City. In practical terms, the brokered execution converts the original construction paper into a takeout loan that is sized to the building’s near-term operating performance.
What it means for Long Island City
The Pecora refinance highlights continued lender appetite for transit-accessible, mostly stabilized multifamily product in Long Island City. Commercial Observer reported a separate $160.2 million refinancing earlier this year on another LIC tower, underscoring a pattern of chunky takeout deals in the neighborhood. Lenders appear willing to back projects that can show strong occupancy, remaining tax abatement benefits and reliable rent rolls. For LIC developers, that environment means more buildings that wrapped construction last year may now be in a position to swap short-term loans for longer-term financing as they move through lease-up.
Owners say the new note will give them flexibility to stabilize the property and concentrate on leasing and retail activation, according to coverage by Multi-Housing News. With marketing efforts ramping up and additional units coming online, The Pecora’s next few months will show whether the refi actually delivers quicker occupancy and a livelier street presence. For nearby renters and small businesses, the answer will shape how fast this tower shifts from construction site newcomer to everyday part of the LIC streetscape.
