People's United Bank has lent $36 million against the Elm East, an 83-unit apartment building in the Elmhurst section of Queens, N.Y.

The five-year loan, arranged by Meridian Capital Group, pays a 2.99 percent coupon.

The owner of the property, Pi Capital Partners of Woodside, N.Y., used the debt to replace a $30 million construction loan that Mega International Commercial Bank Co. had provided in 2008.

Elm East, at 86-55 Broadway near the Long Island Expressway, was completed last year. It has 27,730 square feet of retail space, with tenants that include Starbucks and Subway.

The property includes units with up to two bedrooms, on-site daycare and a 98-space parking garage.

Comments? E-mail Josh Mrozinski or call him at (267) 247-0112, Ext. 213.