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Morgan Stanley Obtains $56.3 Million Refinance For FedEx Properties In Jackson Heights Queens

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FINANCED
$56,300,000

New York

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Industrial127,112 SF
Financed 10/17/2025
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Property Image
FINANCED

Morgan Stanley Obtains $56.3 Million Refinance For FedEx Properties In Jackson Heights Queens

83 15 24th Avenue

See Similar Deals
Industrial127,112 SF
Financed 10/17/2025
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Industrial
Price Per Square Foot:$442
Total Square Footage:127,112 SF
Transaction Type:Loan

The asset involved in the transaction is two industrial properties, specifically located at 83-15 24th Avenue and 83-34 23rd Avenue in Jackson Heights, Queens. The properties collectively have a square footage of 127,112 and are occupied by FedEx. The refinancing associated with these properties amounts to $56,300,000.

Summary of transation details:

  • Property Type: Industrial
  • Transaction Amount: $56,300,000
  • Lender: Blackstone Group & Corebridge Financial
  • Landlord: Morgan Stanley
  • Loan Type: Refinance

The refinancing was secured by Morgan Stanley’s NHNR Hold Co 28 LLC, highlighting their involvement in the acquisition of the funds necessary for the transaction. The lenders, Blackstone Group and Corebridge Financial, played a crucial role in facilitating this refinancing for the properties occupied by FedEx.

Players

Blackstone
Blackstone
LENDER
Corebridge Financial
Corebridge Financial
LENDER
Morgan Stanley
Morgan Stanley
LANDLORD

Details

FINANCED
IMAGE: 10/17/2025 ADDRESS: 83-15 24th Avenue & 83-34 23rd Avenue MARKET: Jackson Heights, Queens ASSET TYPE: Industrial ~ SF: 127,112 LENDER: Blackstone Group (@Blackstone) & Corebridge Financial LANDLORD: Morgan Stanley (@Morgan.Stanley) LOAN AMOUNT: $56,300,000 LOAN TYPE: Refinance NOTE: Morgan Stanley’s NHNR Hold Co 28 LLC secured a $56.3 million refinancing from Blackstone Group and Corebridge Financial for two FedEx-occupied industrial properties at 83-15 24th Ave and 83-34 23rd Ave in Jackson Heights, Queens.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$56,300,000.00

Monthly NOI$375,333.33
Monthly Debt Service$355,854.30
Change in Cash Flow$0.00
Refinance Proceeds$0.00