Natixis Lends Against One Court Square
Natixis Real Estate Capital LLC provided $ 315,000,000 of 5-year term fixed -rate CMBS financing to a joint venture led by Savanna to refinance One Court Square, an iconic Class A office and retail property located in Long Island City, NY. The financing was arranged by Steven Kohn and Alexander Hernandez from the office of Cushman & Wakefield in New York.
The 52-story trophy office tower has approximately 1,538,747 square feet and is the tallest building in New York State outside of Manhattan. The property has stunning 360° views of the Manhattan, Queens and Brooklyn skylines from virtually every floor. Long Island City is one of New York City’s most connected submarkets by way of public transportation outside of Midtown Manhattan. The property is ideally located above the Court Square subway station which serves as the transportation hub of the submarket and provides easy access to Midtown Manhattan in less than 3 minutes. Long Island City has become one of the most desirable and fastest growing submarkets which saw population increase by 25% between 2000 and 2010 and is expected to add another 40,000 new residents by 2018.
Natixis Real Estate Capital LLC is a full-service, direct lender offering a wide range of financial solutions for commercial real estate for its clients throughout the United States. It specializes in CMBS originations and also provides floating-rate structures for opportunistic property acquisition and repositioning situations. It has the ability to underwrite the full capital stack, including first mortgage, mezzanine/b-note, and preferred equity. Natixis Real Estate Capital is a subsidiary of Natixis.