Mark Rowan Of Apollo And Christian Sewing Of Deutsche Bank Provide $280M Refinance For Office In Long Island City
42 22 22nd Street
$280,000,000
$1,365/SF
Building Size
205,000 SF
Asset Type
Office
Closing
Jun 29, 2025
AI
The property asset involved in the transaction is located at 42-22 22nd Street in Long Island City. This office building encompasses a total square footage of 205,000 and is part of the broader Long Island City market. A refinancing loan was secured for the property totaling $280,000,000.
Summary of transation details:
- Property Type: Office
- Transaction Amount: $280,000,000
- Lender: Mark Rowan - Apollo and Christian Sewing - Deutsche Bank
- Landlord: Michael Hackman - Hackman Capital Partners and Craig Solomon - Affinius Capital Partners
- Landlord's Representative: Jordan Roeschlaub and Jonathan Firestone - Newmark
- Loan Type: Refinance
The transaction involved key stakeholders including Mark Rowan and Christian Sewing representing the lending institutions. The landlords, Michael Hackman and Craig Solomon, are associated with Hackman Capital Partners and Affinius Capital Partners, respectively. The representation for the landlords was handled by Jordan Roeschlaub and Jonathan Firestone from Newmark.
Players
Long Island City Office Market Snapshot
Boundary boundary · Office · Loan transactions
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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