Muss Development Nabs $52M Refinance at Flushing Plaza
By Nicholas Rizzi April 28, 2021 11:15 am
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Muss Development nabbed a $52 million refinancing for its mixed-use property in Flushing, Queens, Commercial Observer has learned.
Bank of America provided the 10-year, fixed-rate loan for Muss’ 233,436-square-foot building at 41-61 Kissena Boulevard, also known as Flushing Plaza. The deal was arranged by Cushman & Wakefield (CWK)’s Gideon Gil and Alex Lapidus.
Muss has owned Flushing Plaza — which has office space, 10,653 square feet of ground-floor retail and an 807-space parking garage — for more than 35 years. Tenants include Spectrum, HSBC Bank and the New York State Department of Labor.
The property also has a sizable amount of space leased to medical tenants, including Madison Avenue Orthopedic Associates and Advanced Dermatology. In 2019, EmblemHealth signed a 20-year renewal in the property and expanded its space to 42,982 square feet.
“Lenders recognized the strategic location of Flushing Plaza for office and medical tenant users,” Gil said in a statement. “The low leverage request, sponsorship’s long-term commitment to this asset, transportation access and high-quality rent roll made this a compelling financing.”
