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ACORE Capital Provides $156M Life Science Construction Loan For 45-18 Court Square In Long Island City

Property Image
FINANCED
$156,000,000
Steven (Steve) Klein
Geoff Goldstein
Alex Staikos

New York

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Commercial267,000 SF
Financed 12/19/2019
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Property Image
FINANCED

ACORE Capital Provides $156M Life Science Construction Loan For 45-18 Court Square In Long Island City

4517 Pearson Street, Long Island City, NY 11101, USA

See Similar Deals
Commercial267,000 SF
Financed 12/19/2019
Steven (Steve) Klein
Geoff Goldstein
Alex Staikos
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Commercial
Price Per Square Foot:$584
Total Square Footage:267,000 SF
Transaction Type:Loan

A $156 million life science construction loan has been secured for a property located at 45-18 Court Square in Long Island City, Queens. The loan was provided by ACORE Capital to assist with the development of the property, which spans a total of 267,000 square feet.

Summary of transaction details

  • Property Type: Life Science
  • Transaction Amount: $156,000,000
  • Address: 45-18 Court Square, Long Island City, Queens
  • Market: Long Island City, Queens
  • Lender: ACORE Capital
  • Landlord: King Street Properties, GFP Real Estate
  • Brokers: JLL - Steve Klein, Geoff Goldstein, Alex Staikos

The loan will support the construction of the life science facility on the property. The project is being overseen by King Street Properties and GFP Real Estate, who are the landlords of the property. JLL, represented by Steve Klein, Geoff Goldstein, and Alex Staikos, facilitated the deal as the brokers involved in the transaction.

Players

Alex Staikos
JLL
Alex Staikos
33 deals$4.5B volume
BROKER
Geoff Goldstein
JLL
Geoff Goldstein
55 deals$7.9B volume
BROKER
Steven (Steve) Klein
JLL
Steven Klein
51 deals$3.9B volume(212) 632-1838
BROKER
GFP Real Estate
GFP Real Estate
BROKERAGE
Acore Capital
Acore Capital
LENDER
GFP Real Estate
GFP Real Estate
LANDLORD
KP
King Street Properties
LANDLORD

Details

FINANCED
IMAGE: Steve Klein, Rob Albro, Geoff Goldstein, Eric Gural & Alex Staikos DATE: 12/19/2019 ADDRESS: 45-18 Court Square MARKET: Long Island City, Queens LENDER: ACORE Capital LANDLORD: King Street Properties, GFP Real Estate BROKERS: JLL - Steve Klein, Geoff Goldstein, Alex Staikos LOAN AMOUNT: $156,000,000 LOAN TERMS: Life Science Construction Loan SF: 267,000

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$156,000,000.00

Monthly NOI$1,040,000.00
Monthly Debt Service$986,026.12
Change in Cash Flow$0.00
Refinance Proceeds$0.00