The transactions--which total more than $44 million--were conducted on behalf of Tilles Investment Co., according to Jonathan Goldman, executive vice president of the Jericho, NY-based mortgage banker.
"We're always doing two to three deals for Tilles," Goldman tells GlobeSt.com. He notes that a number of loans had matured. He adds that these properties, considered to be among the main office centers in the New York City suburbs,"afford tenants the opportunity to have their own building within the complex."
Also included in the transactions was a $25 million loan for the 289,305 sf office building at 1000 Woodbury Road and $6.8 million to refinance the 65,850-sf office conversion at 101 Crossways Park West, which was placed with one of the company's thirteen correspondent lenders. Goldman notes that this property was converted from a 90,000 sf industrial property to an office use, which required more parking.
The company placed $5.6 million in financing with AEGON USA Realty Advisors for the Nassau Building, a 61,948 sf office building located at 7600 Jericho Turnpike.
Additionally, MRG arranged $2.5 million construction and permanent financing for the 22,601 sf adjacent property at 7550 Jericho Turnpike, which was converted for Equinox health club's first Long Island site. That loan was placed with North Fork Bank.
A $1.6 million loan was arranged with Astoria Federal Savings & Loan for the refinancing of a 12,626 sf office building at 125 Froehlich Farm Blvd. occupied by Sammis Insurance. MRG also placed a $1.4 million loan for an 16,573 sf office and research & development building located at 230 to 240 Crossways Park Drive and a $1.35 million loan for the 25,013 sf office, warehouse and research development building at 400 Crossways Park Drive; both were placed with Fortis Asset Management.
MRG is a privately held commercial mortgage banker with a servicing portfolio in excess of $860 million.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
