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Treeline Refinances Four-Property Portfolio for $99M

GARDEN CITY, NY-Treeline completes a $98.5-million refinancing of four properties here. The company now begins a redevelopment phase on one property, which was recently acquired from Reckson.

By Barbara Jarvie | Updated on May 17, 2005

GARDEN CITY, NY-Capitalizing on the low-interest environment and continuing its business strategy, the locally based Treeline Cos. completed a $98.5-million mortgage refinancing of its office properties at 100, 200, 300 and 400 Garden City Plaza here. Each measuring 131,000 sf, 100, 200 and 300 Garden City Plaza border the Roosevelt Field Mall. 400 Garden City Plaza, which was acquired from Reckson for $30 million during the second quarter of 2004, is 180,000 sf. Next up for Treeline is a multimillion-dollar upgrade at 400 Garden City Plaza.

“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.

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