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$43M CMBS Goes to Long Island Office Portfolio
Black Bear Capital Partners (BBCP), a real estate financial advisory firm and subsidiary of Black Bear Asset Management, arranged $42.5 million in financing on behalf of The Crest Group to refinance the 400,000-square-foot Crossroads Office Portfolio in Hauppauge and Islandia, NY. Bryan Manz and Emil DePasquale of BBCP arranged the financing package.
Morgan Stanley has extended a 10-year CMBS facility at 55% LTV to The Crest Group. The financing includes cash-out proceeds, 18 months of interest-only payments and a subsequent 30-year amortization schedule.
The Crossroads Office Portfolio is situated at 1707-1797 Veterans Memorial Hwy. in Islandia and 1363-1393 Veterans Memorial Hwy. in Hauppauge. Constructed between 1984 and 1989, the 13-property portfolio houses a diverse mix of tenants from sectors including communications, healthcare, government, insurance and financial services.
“Closing a transaction of this scale in today’s office market underscores both the quality of the asset and the strength of the sponsor, as well as continued lender confidence in durable, creditworthy suburban office properties,” said Manz.
- ◦Financing
