Bank OZK Provides $275M Loan For Tishman Speyer's Office Development In LIC
28-10 Queens Plaza S, Long Island City, NY 11101, USA
$275,000,000
$482/SF
Building Size
570,000 SF
Asset Type
Office
Closing
Nov 20, 2018
About this deal
AI
A $275 million loan was provided by Bank OZK to finance the development of an office building at 28-10 Queens Plaza South in LIC. The developer for this project is TishmanSpeyer.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $275,000,000
- Address: 28-10 Queens Plaza South
- Market: LIC
Rob Speyer, the CEO of TishmanSpeyer, and George G. Gleason II, the CEO of Bank OZK, were key individuals involved in the deal.
The office loan at 28-10 Queens Plaza S, Long Island City, NY 11101, USA in New York, New York financed for $275M in 2018. The building is 570,000 square feet, implying about 482 per square foot on the published price. This page is the New York, New York file for the 28-10 Queens Plaza S, Long Island City, NY 11101, USA office financed: pricing, party profiles, and other closed office comps from the same New York sit in the Market section below. Filter that New York office set by closing date to see what else financed near 28-10 Queens Plaza S, Long Island City, NY 11101, USA around 2018. Published consideration for 28-10 Queens Plaza S, Long Island City, NY 11101, USA is $275M, dated 2018. Cite this Bank OZK Provides $275M Loan For Tishman Speyer's Office Development In LIC loan when underwriting similar office product around New York, New York.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93