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Natixis Lends Against One Court Square
Natixis Real Estate Capital LLC provided $ 315,000,000 of 5-year term fixed -rate CMBS financing to a joint venture led by Savanna to refinance One Court Square, an iconic Class A office and retail property located in Long Island City, NY. The financing was arranged by Steven Kohn and Alexander Hernandez from the office of Cushman & Wakefield in New York.
The 52-story trophy office tower has approximately 1,538,747 square feet and is the tallest building in New York State outside of Manhattan. The property has stunning 360° views of the Manhattan, Queens and Brooklyn skylines from virtually every floor. Long Island City is one of New York City’s most connected submarkets by way of public transportation outside of Midtown Manhattan. The property is ideally located above the Court Square subway station which serves as the transportation hub of the submarket and provides easy access to Midtown Manhattan in less than 3 minutes. Long Island City has become one of the most desirable and fastest growing submarkets which saw population increase by 25% between 2000 and 2010 and is expected to add another 40,000 new residents by 2018.
Natixis Real Estate Capital LLC is a full-service, direct lender offering a wide range of financial solutions for commercial real estate for its clients throughout the United States. It specializes in CMBS originations and also provides floating-rate structures for opportunistic property acquisition and repositioning situations. It has the ability to underwrite the full capital stack, including first mortgage, mezzanine/b-note, and preferred equity. Natixis Real Estate Capital is a subsidiary of Natixis.
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About Natixis
Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second-largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d’Epargne, Natixis counts nearly 16,000 employees across 38 countries. Its clients include corporations, financial institutions, sovereign and supranational organizations, as well as the customers of Groupe BPCE’s networks. Listed on the Paris stock exchange, Natixis has a solid financial base with a CET1 capital under Basel 3(1) of €11.2 billion, a Basel 3 CET1 Ratio(1) of 11.3% and quality long-term ratings (Standard & Poor’s: A+ / Moody’s: A1 / Fitch Ratings: A+).
(1) Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in and including current financial year’s earnings and accrued dividend (based on a 60% pay-out).
Figures as at 31 December 2019.
