Northmarq’s Debt + Equity team arranges $24.95M refinance of Queens Tower office building in Jamaica, NY

NEW YORK — Northmarq’s New York Metro Debt + Equity team led by Charles Cotsalas and Robert Delitsky successfully arranged the $24.95 million refinance of Queens Tower, a 162,266-sq.-ft. general office building located at 88-11 165th Street in Jamaica, New York.

Northmarq arranged bridge financing on behalf of the borrower, Muss Development LLC, through a correspondent relationship. The transaction was structured on a three-year term.

“This short-term loan allows the Borrower to finalize negotiations with New York State Office of General Service (OGS) who has a lease expiring next year,” said Cotsalas.

The 10-story building, developed by the borrower in 1974 features an impressive tenant roster including but not limited to NYC’s Department of Citywide Administrative Services (DCAS), NYS Office of General Service (OGS), Consolidated Edison (Con Ed) and Northwell Health. DCAS agencies serve 3 million plus people annually, across 15+ programs and employ over 17,000 personnel to address critical needs of community members.