The developer of the 51-story, 590-unit tower is an affiliate of Rockrose Development LLC

New York, NY - Avison Young has arranged a $293 million permanent loan for an affiliate of Rockrose Development LLC, to refinance the Wells Fargo construction loan on Lyra, a 51-story, 590-unit apartment building at 555 West 38^th Street, across from The Javits Convention Center.

The client was represented by Avison Young’s Tri-State Debt & Equity Finance Team, led by Principals Andy Singer and Scott Singer, and Senior Director Kathleen McSharry. The team arranged the five-year, fixed-rate loan with FNMA through Wells Fargo as the DUS underwriter. The loan was utilized to repay the Wells Fargo construction loan.

“Avison Young provides exceptional service to Rockrose, building on decades of service by Andy, Scott, and Kathleen,” said Richard Brancato, COO of Rockrose. “The Tri-State Debt & Equity Finance team is consistently the most creative, nimble, and effective financial intermediaries we have dealt with”. 

Located adjoining the north end of Hudson Yards, this Class-A+ multifamily development was completed in 2022 by Rockrose and is part of the Affordable NY program. The 51-story Lyra has panoramic views of the heart of Manhattan, the Hudson River/New Jersey waterfront (and on to the hills of central New Jersey).  Lyra contains approximately 467,000 gross square feet with 590 apartments, 2,049-square-feet (sf) of retail space, and 16,000-sf of amenity space providing residents a top tier, Class-A amenity package, including a fitness center with panoramic views, squash court, golf simulator, landscaped roof terrace with private cabanas and grills, tenant sky lounge, game room, co-working solarium, 24-hour attended lobby and bike storage.

“We arranged our first loan for Rockrose in 1976. In the ensuing 47 years, we have repeatedly delivered market-leading financing for their renowned properties in Manhattan, Long Island City, and Washington DC,” said [Andy] Singer, Avison Young.