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CushWake Advises Ownership on $125M Refi for Lake Success Offices
Cushman & Wakefield advised Rockpoint Group and CLK Properties in obtaining a $125-million refinancing on 1981 and 1983 Marcus Ave., a 683,797-square-foot office complex in the Long Island village of Lake Success, NY. The refi was provided by MetLife.
A Cushman & Wakefield team of Gideon Gil, John Alascio, Sri Vankayala and Emily Johansen represented the landlords.
“We received a remarkably strong response from the debt market given the highly experienced sponsorship, diverse tenant roster and premier Lake Success location,” said Gil. The two-building Class A property, currently 96% occupied, is “a standout amongst suburban office product given its location and tenancy.”
Vankayala added, “Since acquiring the property in 2011, the sponsor has invested significantly in capital improvements and completed nearly 700,000 square feet of leasing, allowing them to secure a competitive refinancing of the existing debt.” MetLife got the assignment due partly to its “clear understanding of the asset.”
Pictured: 1983 Marcus Ave.
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