JV Secures $51M Refinancing for LIC Industrial Asset
North River Co. and North Colony Asset Management procured the fixed-rate loan for the fully-leased, 312,513-square-foot, Matskil Building.
LONG ISLAND CITY, NJ – Joint-venture partners, North River Co. and North Colony Asset Management have obtained $51 million in financing for the Matskil Building in Long Island City, NJ. The fixed-rate loan was provided by AIG affiliates.
The 312,513-square-foot, industrial/flex property features an adjacent half-acre parking lot and direct interior loading docks. The three-story property is currently 100% leased to Maquette Fine Art Services, Ralph Lauren Corp. and Motorola Solutions Inc.
Located at 48-49 35th St., the property is situated near the Long Island Expressway, Queens Blvd and the 33rd St. MTA station.
Cushman & Wakefield served as the exclusive advisor to the joint-venture partnership in the transaction. The Cushman & Wakefield team, comprising Steve Kohn, Alexander Hernandez, Emily Johansen and Josh King, worked directly with NRC’s Chris Flagg, Chris Pachios and Forrest Mas to represent the borrower.
“Since acquiring the property in December 2018, ownership has had tremendous success implementing its repositioning plan,” states Cushman & Wakefield’s Hernandez. “We were able to capitalize on recent leasing successes at the property, coupled with upside potential from existing below-market leases, to arrange a long-term refinancing of the property at very attractive terms.”
“Our ability to reposition the asset and lease the building to 100% occupancy during a global pandemic is proof that industrial and Long Island City are resilient and will continue to outperform in a challenging real estate market,” said Pachios.
The joint-venture partners additionally own the 140,000-square-foot, industrial property, The Anable Building, located at 33-02 48th Ave. in Long Island City.