Muss Development scores $75M loan for Forest Hills building
AXA Equitable Life Insurance Company is the lender
Muss Development landed a $75.4 million loan for the Forest Hills Tower at 118-35 Queens Boulevard.
The 16-story, 519,000-square-foot property was once the headquarters of JetBlue Airways. A huge portion of the building was also leased short-term to the Federal Emergency Management Agency after Hurricane Sandy in 2012.
The lender for the loan is AXA Equitable Life Insurance Company, which assumed the $72.8 million unpaid balance from a 2016 mortgage provided by Ladder Capital. The new loan package also includes a $2.5 million gap mortgage.
Muss, founded in 1906, completed construction on the building in 1981. It is home to several city agencies. The New York City Department of Citywide Services signed a 20-year, 16,900-square-foot deal in the building last November. That lease was signed on behalf of the New York City Police Department. The DCAS also operates a civil service testing center in the building. Other tenants in the property include the Plaza College and the Child Center of New York.
Muss did not immediately respond to a request for comment.