Carlyle Group And King Street Properties Secure $140.8M Refinance Loan From Deutsche Bank
45 18 Court Square
$140,800,000
$660/SF
Building Size
213,103 SF
Asset Type
Office
Closing
Feb 28, 2025
About this deal
AI
The property asset involved in this transaction is an office building located at 45-18 Court Square, Long Island City, Queens. The building encompasses a total square footage of 213,103. The loan amount for this transaction is $140,800,000, provided as a refinance financing arrangement.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $140,800,000
- Address: 45-18 Court Square
- Market: Long Island City, Queens
- Lender: Deutsche Bank
- Landlord: Harvey M. Schwartz - Carlyle Group; Thomas Ragno & Stephen Lynch - King Street Properties
- Loan Type: Refinance
This transaction sees Carlyle Group and King Street Properties as the landlords refinancing their office building, showcasing their involvement in managing significant commercial real estate assets in a competitive market. The refinancing replaces earlier debt sourced from ACORE Capital, indicating strategic financial management by the landlords.
On the Map
$140,800,000
$660/SF
Office
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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
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93