NEW YORK CITY-A Sterling American Property affiliate is facing problems in the Long Island office market. The affiliate has failed to make payments on a securitized loan on a 128,000-square-foot building complex, the Woodlands Office Park, situated in Hauppauge on Veterans Memorial Highway.
The affiliate has a loan balance of $12.7 million on the building complex, which was purchased in 2006. The debt on the property has been handed over to ORIX Capital Markets. For the full story, go to Wall Street Journal.
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