Arrow Real Estate Advisors arranges $13 million refinancing for Talo38

Queens, NY Arrow Real Estate Advisors arranged $13 million in CMBS financing for the refinancing of Talo38, a fully occupied 32-unit multifamily property located at 25-11 38^th Ave. in the Dutch Kills neighborhood of Long Island City.

Arrow’s founder and managing partner Morris Betesh, Omar Ferreira and Jonah Schultz arranged the financing on behalf of the sponsor. The financing closed on August 31, 2026 in just 45 days from term sheet execution.

The 39,381 s/f property comprises 32 residential units and is located in one of the city’ established residential neighborhoods, with access to Long Island City’s employment centers, transportation and surrounding amenities.

The refinancing was completed ahead of an impending loan maturity and required Arrow to navigate a volatile interest rate environment as well as the eventual burn-off of the property’s 421-a and ICAP tax abatements. Underwriting a property whose tax position steps up over the hold added complexity to the cash flow analysis, requiring coordination among the parties to structure and execute the financing.

“Despite the complexity surrounding the expiring tax abatements and a challenging rate environment, our team worked with a leading CMBS lender to deliver an execution that provides the sponsor with long-term stability for a strong, fully occupied asset in one of Queens’ most established rental submarkets,” said Betesh.