GARDEN CITY, NY-The Treeline Cos. and Boston-based Long Wharf Real Estate Partners have formed a joint venture to refinance and recap Franklin Avenue Plaza. The 520,000-square-foot, four building office complex was acquired by Treeline in 2007 with another JV partner—First Point Partners—for $98.7 million.
First Point has since exited the partnership, Michael Schor, Treeline’s executive VP and counsel tells GlobeSt.com.
The current transaction, which rearranges debt and equity on the complex leaves Treeline as manager of the property, retaining an equity stake. Simon Ziff, Jason Krane and Philip Lisciandra at Ackerman-Ziff work arranged the debt and equity financing, completed through Wells Fargo.
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