Cushman & Wakefield served as the exclusive advisor to affiliates of Muss Development, LLC in arranging $52 million for the refinancing of Flushing Plaza in Queens, New York. The 10-year fixed-rate financing was provided by affiliates of Bank of America.
Institutionally owned and managed by the Muss family and its partner for more than 35 years, Flushing Plaza is an office location for companies, government institutions and the noteworthy medical professionals. The asset comprises 233,436 s/f of long-term leased office space including 71,930 s/f of medical office space, 10,653 s/f of prime retail space and an 808-space parking garage.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Gideon Gil and Alex Lapidus represented the borrower.
Flushing Plaza’s occupancy averaged mid-to-high 90 percentfor more than the last decade. With nearly 10 years of weighted average lease term remaining, the property continues to appeal to and capture a diverse roster of creditworthy tenants, including Spectrum, EmblemHealth and the Social Security Administration (GSA).
“Lenders recognized the strategic location of Flushing Plaza for office and medical tenant users,” said Gil. “The low leverage request, sponsorship’s long-term commitment to this asset, transportation access and high-quality rent roll made this a compelling financing.”