$300M CMBS Loan Backed by Queens Factory Campus Sent to Special Servicing
Expenses across the mixed-use complex in Long Island City have increased each year of the loan term, per a report
By Brian Pascus September 17, 2025 10:12 am
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A $300 million commercial mortgage-backed securities (CMBS) loan secured by The Factory, a 1.1 million-square-foot creative loft complex in Long Island City, Queens, has been sent to special servicing before it matures next month, according to an alert from Morningstar Credit.
The asset is owned by Atlas Capital Group.
The $300 million loan — CSMC 2020-FACT in a single-asset, single borrower CMBS deal — is current and has never been delinquent since its origination five years ago, but expenses across the mixed-use complex have increased each year of the loan term.
Morningstar Credit reported that expenses in 2024 rose 24.3 percent above the level at which the loan was underwritten, while the midyear revenues in 2025 would be the lowest in five years.
Located at 30-30 47th Avenue, The Factory originally opened in 1926 as a furniture warehouse for Macy’s. The 10-story building underwent a massive renovation after it was sold in 2013 during a bankruptcy offering for $100 million. The first tenants in the refurbished mixed-use property began leases in 2016, per Crain’s New York.
Past and previous tenants include Gwynnie Bee, Spinmaster, the New York City Department of Health and Mental Hygiene, Power Home Remodeling Group, Vanessa’s Dumpling House, Ralph Lauren, Optum Health and Halo Recognition.
Amenities in the building include a fitness facility, a food court, a roof deck and access to both the Hunters Point Avenue LIRR station and the Court Square subway station.
Atlas Capital Group did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com.
