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North River lands $51M from AIG

North River Company + North Colony Asset Management have secured a $51 million loan from AIG to refinance the Matsil Building, a 312,500-SF industrial/flex property in Long Island City, CO first reported. The recently renovated, three-story asset is fully leased to Maquette Fine Art Services, Ralph Lauren, and Motorola Solutions.

Solid Location: Situated just off the Long Island Expressway and near Queens Boulevard, the property is located at 48-49 35th Street. It comprises an adjacent half-acre parking lot, as well as eight interior loading docks.

Flashback: The duo paid $72 million for the property in December 2018.

Be Smart: As part of Traub Capital’s acquisition of cosmetics maker Mana Products in September 2020, the private equity firm paid $75 million for the nearby 27-11 49th Avenue. The 215,000-SF, industrial facility is located just a half mile west from the Matsil Building.

Brokers: Cushman & Wakefield’s team of Steve Kohn, Alexander Hernandez, Emily Johansen and Josh King arranged the debt financing.

Heard on the Street: Cushman’s Alexander Hernandez: “Since acquiring the property in December 2018, ownership has had tremendous success implementing its repositioning plan. We were able to capitalize on recent leasing successes at the property, coupled with upside potential from existing below-market leases, to arrange a long-term refinancing of the property at very attractive terms.” [CO+CPEX]

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