Blackstone provides $160m financing on Long Island City offices

The loan replaces $85 million in debt provided by an AIG Investments-led group in January 2014 and adds to it an additional $75 million of new mortgage debt.

Blackstone Mortgage Trust (BXMT) has provided $160 million in financing to Atlas Capital Group on a one million sq ft office and retail property in the Long Island City neighborhood in Queens, New York.

30-30 47th Avenue, Long Island City, New York
30-30 47th Avenue, Long Island City, New York

The consolidated loan replaces $85 million in debt provided by an AIG Investments-led group in January 2014 and adds to it an additional $75 million of new mortgage debt.

The borrower purchased the 30-30 47th Avenue property, called the Factory, from investor Mark Karasick, reportedly through a deed-in-lieu bankruptcy process in October 2013.

The original building was built in 1926 and originally used by Macy’s as a furniture warehouse.

Last month Blackstone and Morgan Stanley provided a $335 million acquisition loan to HNA Capital and MHP Real Estate Services for the acquisition of 850 Third Avenue in midtown Manhattan.

In February, The New York State Teachers Retirement System (NYSTRS) struck a deal for its first real estate debt mandate with Blackstone through a $500m (€460m) separate account that will target the US and UK.

Blackstone Mortgage Trust is a public REIT managed by the Blackstone Group, which has over $340 billion in assets under management, a press release shows. Atlas Capital Group is a real estate investment and development firm with over $2.5 billion of assets globally, according to its website.

The lender and borrower did not respond to requests for comment in time for publication.

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