JERICHO, NY-With interest rates at an all-time low and continued growth in professional and business services, Nassau County’s inner-ring suburban office market is continuing to show signs of stabilization. As evidence of this trend, Metropolitan Realty Associates has refinanced Jericho Atrium, a two-story, 147,183 square-foot office building for $18.5 million, GlobeSt.com has learned exclusively. The new three-year, non-recourse floating rate loan, provided by Capital One Bank, is tied to LIBOR with two, one-year options.

MRA – a real estate investment and development firm based inside the atrium at 500 North Broadway – purchased the property in July 2007 with Belvedere Capital and equity partner Angelo, Gordon & Co. LP from New Hyde Park, NY-based REIT Kimco Realty Corp. for $24.3 million.

Joseph A. Farkas, president of Metropolitan Realty Associates, tells GlobeSt.com that the original loan was due in mid-summer, and the company wanted to take advantage of current rates in the market. “It was extremely favorable in terms of its view toward the building and that was really demonstrated in the interest rate and quick turnaround with Capital One, our lender,” he says. “The timing just made sense. It was really upcoming because we had an upcoming, expiring loan.”