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Muss Development Scores $52M Refi on Flushing Offices
Cushman & Wakefield served as the exclusive advisor to affiliates of Muss Development, LLC in arranging a $52-million refinancing of Flushing Plaza in Queens. The 10-year fixed-rate financing was provided by affiliates of Bank of America.
The Muss family and its partner have owned and operated the property for more than 35 years. The asset comprises 233,436 square feet of long-term leased office space including 71,930 square feet of medical office space, 10,653 square feet of prime retail space and an 808-space parking garage.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Gideon Gil and Alex Lapidus represented the borrower.
“Lenders recognized the strategic location of Flushing Plaza for office and medical tenant users,” said Gil. “The low leverage request, sponsorship’s long-term commitment to this asset, transportation access and high-quality rent roll made this a compelling financing.”
