MSD Lends $24M in Botanic Properties’ LIC Flex Acquisition
Joshua Zinns’ Botanic Properties has landed a $24 million loan for its acquisition of 24-02 Queens Plaza South in Long Island City, Queens, Commercial Observer has learned.
Michael Dell’s MSD Partners provided the fixed-rate debt.
The life science developer bought the single-tenant flex building from Atlas Capital Group for $40 million, as CO first reported last week.
JLL’s Christopher Peck, Steve Klein and Thomas Pryor negotiated the financing.
“Long Island City is highly attractive to businesses seeking value rents, highly-educated employees, abundant transit options, proximity to peer companies and a dynamic live, work, play environment,” Peck said.
The three-story, 97,047-rentable-square-foot property extends over the entire 240-foot blockfront along 24th Street and 100 feet along Queens Plaza South and 42nd Road.
The building is fully leased to Apex Technical School, which has occupied the property since 2012. When Apex’s lease ends, Botanic Properties will construct a 270,000-square-foot life science property at the site.
Newmark Knight Frank negotiated the sale of the property. NKF’s Brian Ezratty and Scott Ellard represented Atlas Capital while Bill Harvey represented the buyer.