Rechler Refinances Industrial Portfolio for $57M

MELVILLE, NY-Rechler Equity Partners, based here, which is the largest owner of industrial space on Long Island, has refinanced a number of properties in its portfolio in three separate transactions totaling $56.5 million. The loan terms ranged from 15 to 20 years with amortization between 25 and 30 years.

M. Robert Goldman & Co. arranged the transactions which MRG officials say enable Rechler Equity to secure “unusually long-term financing at rates that would be considered at historic lows in the post-War period.” Jonathan Goldman, an EVP at Jericho-based MRG, organized and placed all of the financing with Principal Global Investors, on behalf of Principal Life Insurance Co. for its general account.

The first transaction, referred to as Pool B #1, was a blanket $18.1-million mortgage on six properties in Melville and Hauppauge. The Melville properties are located at 5 and 10 Hub Dr. and 70 Maxess Rd./45 Melville Park Rd,. all situated in the Route 110 corridor. The Hauppauge properties are located at 325 Rabro Dr., 250 Kennedy Dr. and 135 Ricefield Lane, in the Hauppauge Industrial Park, which has more than 14 million sf in 300 buildings occupied by more than 700 businesses.