Cushman & Wakefield announced today that it served as the exclusive advisor to affiliates of a joint venture led by Savanna in arranging a $315 million senior mortgage loan secured by One Court Square, Long Island City’s largest and most notable class A office tower. The fixed rate financing was provided by Natixis Real Estate Capital LLC.
This iconic 1.5 million rentable square foot office and retail building was built in 1989 and is fully leased to the consumer division of a globally-recognized bank. Located at the epicenter of Long Island City and boasting unparalleled views of the New York City skyline, One Court Square offers three minute access to Midtown Manhattan via the E & M subway lines as well as direct access to the 7 (providing service to Grand Central and Midtown West) and the G (providing service throughout Brooklyn).
A Cushman & Wakefield Equity, Debt and Structured Finance team of Steve Kohn, John Alascio, Alex Hernandez, Chris Moyer and Alex Lapidus represented affiliates of a joint venture led by Savanna.
“In addition to the strong attraction of the asset quality, premier sponsorship and credit tenancy, Long Island City has become a highly sought-after submarket in New York City,” said Kohn, President of Cushman & Wakefield Equity, Debt & Structured Finance.
Alex Hernandez, A Cushman & Wakefield Managing Director added, “Notwithstanding the recent volatility in the capital markets, lenders appreciated the credit cash flow and the attractive basis.”