Search
 

Long Island Office Buildings Close $26.7 in Refinancing, Acquisition Loans

MELVILLE, NY-Two suburban office buildings have secured $26.7 million in permanent financing, overcoming unprecedented post-September 11 challenges that jeopardized the deals.

By Glen Thompson | Updated on November 08, 2001

MELVILLE, NY-Great Neck-based commercial mortgage banker M. Robert Goldman & Co. Inc. has arranged $26.7 million in permanent financing for two Long Island office buildings. The separate deals were finalized despite market jitters and financial and logistical challenges posed by the September 11 World Trade Center attacks.

MRG secured $18 million to refinance the 150,000-sf Melville Corporate Center, at 105 Maxess Rd., and $8.7 million in acquisition financing for the purchase of a 99,487-sf office building at 125 Baylis Rd., both in Melville. “In both of these transactions, unprecedented issues associated with the aftermath of September 11 challenged the financing process and threatened the deals,” says MRG executive vice president Jonathan Goldman.

The lender for the Baylis Road property, Bank of America, was represented by law firm Thatcher Proffitt & Wood, which occupied space in the World Trade Center. Guardian Life Insurance Co. of America, a correspondent of MRG whose offices at 7 Hanover Square were evacuated following the bombings, was the lender for 105 Maxess Rd.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.