While Senator Charles Schumer of New York and his committee to examine the city's industrial properties and the Economic Development Corp.'s efforts to maintain industrial business in the city continues its investigation, the suburbs have received a boost in the form of financing. To the east of the borough of Queens are the counties Nassau and Suffolk, best known for their suburban appeal, rather than industrial space. Given their proximity to Queens, itself a major industrial area in many places, they have managed to hold on to their industrial properties.

GMAC Commercial Mortgage Corp. arranged for the floating- and fixed-rate funding for a portfolio of properties throughout Long Island. The floating-rate is for 26 industrial, as well as some office, properties. The borrower, Long Island Industrial Group LLC, received $128,203,000 in interim financing. Nine properties received the fixed-rate loans, also owned by LIIG, for a total of $36,483,000 at a 10-year rate with a 30-year amortization.

The total square footage of the properties in question is 3,400,918 sf on 227.2 acres. Vice president John Motzel of GMACCM's New Jersey office arranged the transaction, which demonstrates solid faith in the region's industrial properties. While recent announcements of moves to New Jersey continue to be a concern to the city and the state, this is one example of the region's success in keeping business here.