"Our timing took advantage of the availability of low interest rate financing," explains Treeline's executive vice president/general counsel Michael Schor. "It is a key component of our overall business strategy to extract value from our properties continuously and re-invest the financial resources in an aggressive acquisition program." He says proceeds from the transaction will be deployed immediately into new Treeline ventures, either traditional acquisitions or other investments with private or institutional joint venture partners.

C. Glenn Schor, general counsel and chief operating officer, placed the transaction and negotiated directly with the lender, Bank of America. A long-standing strategic relationship with Bank of America allowed Treeline to place and complete the refinancing directly, according to Michael Schor. Salvatore Torre, principal, and Andrew Baltz, principal, of Bank of America, arranged the refinancing. Treeline was represented by Michael Buxbaum of Lowenstein Sandler PC and Michael Hirschfeld of Dechert LLP. The bank was represented by Thacher Proffitt & Wood LLP.

Treeline, which recently launched an aggressive acquisition campaign targeting class A office properties throughout the tri-state area, also owns One Old Country Rd. in Carle Place, two office buildings in White Plains and several in Downtown Brooklyn. The company just completed an $8-million overhaul of One Old Country Rd.