Blackstone signs $285M refi loan with Morgan Stanley in Flushing

Blackstone Property Advisors through the entity Bre Skyview Parking Owner LLC as borrower signed a refi loan with lender Morgan Stanley Bank valued at $285 million for three properties including the hotel (PS) at 40-22 College Point Blvd in Flushing, Queens, office building (OT) at 40-22 College Point Blvd in Flushing, Queens, and office building (OT) at 131-07 40th Road in Flushing, Queens.
The deal closed on May 28, 2021 and was recorded on June 15, 2021.
The three properties have 1,328,064 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $214 per the PincusCo analysis.
The signatory for Blackstone Property Advisors was Eric Wu.

This refinancing represents a reduction of the potential maximum total debt of $315 million which is the sum of $50 million given in 2018 and $265 million in 2016.
There was a condominium project filed with the address 131-07 40 Road and the name Sky View Medical Condominium on November 27, 2013. The principals of the sponsor, Sky View Office Owner, L.p. C/o Onyx Real Estate Partners, was Michael Dana. link
Within a 400-foot radius of 40-22 College Point Blvd, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were in new building development. There were two new building permits. The most recent of these two items was a permit on July 21, 2020 for a 16,136-square-foot R-1 building with 32 residential units at 131-78 40th Road.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit issued on August 5, 2020 for the $290,035.0 renovation of 4,828-square-foot R-2 building with three residential units at 132-38 41st Avenue.
One of those four items was a loan which Chang Biao Zheng borrowed $5.6 million from Ponce Bank secured by the 21,111-square-foot, 33-unit rental (D7) on 40-40 Lawrence Street on June 2, 2021.

Direct link to Acris document. link