NEW YORK—CBRE Capital Markets’ debt and equitygroup has arranged a $50 million bridge loan to refinance the Standard Motor Products Building located in Long Island City in Queens, New York, which was provided by HSBC. The borrower, 37-18 Northern Boulevard LLC, acquired the property in 2008.
The 301,600-sq.-ft. building underwent improvements since that time and received upgrades to its façade, windows, entrance lobby, elevators and the addition of a one-acre rooftop farm.
Keith Braddish and Jason Gaccione of CBRE’s New York City office, along with James Gunning and Donna Falzarano of CBRE’s Saddle Brook, N.J., office, arranged the financing on behalf of 37-18 Northern Boulevard LLC.
“We are pleased to have provided our client with a beneficial solution for their refinance of this property,” said Gaccione, vice president of CBRE. “The loan provides not only cash-out proceeds, but also additional leasing capital and a ‘good’ earn-out facility, funded against future increases in cash flow.”
Currently, the Standard Motor Products Building is 85 percent occupied and includes tenants, such as Broadview Networks, Brooklyn Grange, LogistiCare Solutions, The I. Grace Company, Jim Henson and Standard Motor Products, among others.