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GlobeSt.com UPDATE: Treeline Refinances LI Site for $53M

CARLE PLACE, NY-Treeline completes a $53-million mortgage refinancing on a 315,000-sf asset that a major retailer just chose for its corporate headquarters. Treeline plans to use proceeds for other possible acquisitions and investments.

By Barbara Jarvie | Updated on June 22, 2005

CARLE PLACE, NY-To maintain what it calls its “aggressive acquisition program,” the Treeeline Cos. has completed a $53-million refinancing of its 315,000-sf 1 Old Country Rd. office here. Just last week, 1-800-Flowers.com signed a deal to move its base of operations from Westbury to 90,000 sf of space at the site. The retailer inked a 12.5-year deal for space where the average rent is $26 per sf.

The Treeline team of Michael Schor, executive vice president/general counsel, C. Glenn Schor, general counsel and chief operating officer placed the 10-year, fixed-rate transaction and negotiated directly with the lender, a major money center bank. Michael Schor says proceeds will be deployed immediately into new ventures, either traditional acquisitions or investments with joint venture partners. “Our timing took advantage of the availability of low interest rate financing.”

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