$84.1 Million Life Science Loan | Long Island City, NY

Attributes

Building area net

19,324 m²

Loan status

Performing

Origination Date

December 2021

Current Maturity Date

October 2025

Interest Rate

SOFR + 2.26%

Call for offers

04/11/2025

Description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller to arrange the sale of an $84.1 million life science loan (the “Loan”). The Loan is collateralized by the first-lien mortgage on a recently converted life science building located in Long Island City, New York (the “Property” or “Collateral”), in addition to a pledge of the equity interests in the borrowing entity. The Loan is currently performing with an upcoming maturity date in October 2025.

The seven-story Property features approximately 208,000 square feet of net rentable area that is currently fully vacant. Current sponsorship invested approximately $77 million for the former office building renovation, which included primarily conversion costs to life science/lab space, building amenities, and spec suites for two full floors.

The offering presents investors the opportunity to acquire the loan on a recently renovated Property with a potential path to ownership due to an upcoming maturity date.

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