Long Island Office Portfolio Secures $350M Financing
Newmark, on behalf of Angelo, Gordon & Co. and the WE’RE Group, arranged a $350-million floating rate, securitized loan to finance 16 suburban office assets, spanning two million square feet across Long Island’s Nassau and Suffolk Counties. The Newmark team was led by Dustin Stolly and Jordan Roeschlaub, and the single asset single borrower (SASB) securitization was led by Barclays and Citi.
Consisting of both traditional and medical office, the portfolio is strategically located along Long Island’s North. All assets are located within proximity to major arterials, with the Nassau County assets nearby multiple highly renowned hospitals. The well-occupied and diversified portfolio is currently 89.3% leased to various tenants in the medical, finance and law industries.
Roeschlaub said, “Angelo Gordon has acquired an attractive portfolio with diversified cash flow. We were able to leverage our deep SASB experience to provide an accretive financing solution for the portfolio.”