Newmark Arranges $280M Financing for Long Island Office Portfolio

Newmark arranged the $280-million financing for a 14-property medical office and suburban office portfolio totaling approximately 1.51 million square feet across Long Island. Co-head of Global Debt & Structured Finance Jordan Roeschlaub, vice chairman Chris Kramer, director Tim Polglase, associate director Dan Axelson and associate Niv Shahmoon arranged the financing on behalf of the owner, a joint venture of TPG Angelo Gordon and The WE’RE Group. Nomura and Citi Group provided the funding.

The portfolio comprises 14 strategically located assets across the Long Island submarkets of Lake Success, Jericho and Melville. Currently 876% leased, the portfolio benefits from a diversified tenant roster of more than 75 occupiers and a weighted average remaining lease term of 5.3 years. Approximately 58% of the portfolio’s rentable area is dedicated to medical office use, with ownership actively repositioning select traditional office assets to medical office space.

“The portfolio’s combination of durable cash flow, significant healthcare tenancy and compelling medical office conversion potential created a highly attractive financing opportunity,” said Roeschlaub. “Lenders were particularly drawn to the strength of the sponsorship, the portfolio’s diversified income stream and the favorable long-term fundamentals supporting medical office demand throughout Long Island.”