Tishman Speyer has refinanced The Jacx, its 1.2 million-square-foot office and retail development in Long Island City, with a $425 million CMBS loan originated by Bank of America on Aug. 20, Commercial Observer reported.
The loan replaces around $200 million in existing debt, returning $150 million in EB-5 financing and allowing Tishman to regain nearly $40 million in equity, according to the publication. The 26-story, two-building complex, which opened fully leased in 2019, cost Tishman about $650 million to develop.
Tenants at the development at 28-07 Jackson Avenue include WeWork, NewYork-Presbyterian Hospital, Bloomingdale’s and Macy’s, as well as a ground-floor restaurant owned by chef Dan Kluger. The largest tenant, Macy’s, has leased 54 percent of the property, but is now looking to sublet the majority of its space — more than 400,000 square feet, Commercial Observer reported.
Macy’s has already sublet its 6th floor and is in talks with other potential anchor tenants, according to Moody’s. The retailer has prepaid rent through January.
In addition to its office space, The Jacx offers an underground parking garage, 47,000 square feet of retail, a one-acre, landscaped terrace and an enclosed pavilion. The development is located atop the Queens Plaza subway station.
[CO] — Sasha Jones