Cushman & Wakefield arranges $30 million refinancing for 27-01 Queens Plaza N.

Long Island City, NY Cushman & Wakefield served as the exclusive advisor to Brause Realty in the procurement of $30 million in refinancing for Brewster LIC, a 700,000 s/f office property located at 27-01 Queens Plaza North. The loan was provided by Apple Bank.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Gideon Gil, Lauren Kaufman and Dale Braverman represented the borrower in the transaction.

“In an extremely challenging time to procure office financing, this top-tier asset coupled with highly experienced and committed sponsorship was the right combination to achieve the best possible custom financing solution for our client,” said Gil.

Brewster LIC is an approximately 700,000 s/f, class A office asset that is currently 72% leased to JetBlue and Aramis. The property is undergoing a capital improvement project that is focused on upgrading and modernizing the amenities and common areas across the building including a new 13,000 s/f food and beverage facility, a 10,300 s/f conference area, fully equipped fitness center, tenant lounge with an outdoor terrace, new lobbies and bike room. Cushman & Wakefield is the exclusive leasing agent for the property.

Brewster LIC is located within walking distance to the E, F, M, G, 7, N, W and R subway lines at the Queensboro Plaza, Queens Plaza and Court Square subway stations. The property is located at the ramp of the Queensboro Bridge and within 1.5 miles of major highways including the Long Island Expressway, Brooklyn Queens Expressway and Grand Central Parkway