Newmark’s Roeschlaub and Stolly Arrange Refi of Presidents Plaza Office Complex
Newmark arranged a $147.5-million loan on behalf of Angelo, Gordon & Co. and Glenstar Properties to refinance Presidents Plaza, an 830,789-square-foot, Class A office complex at 8600-8700 West Bryn Mawr Ave.
The Newmark team was led by Jordan Roeschlaub and Dustin Stolly, co-heads of Newmark’s New York Debt & Structured Finance team; along with senior managing directors Chris Kramer and Nick Scribani; and director Eden Abraham and associate Ben Kroll. Bank of America provided the loan.
“The appetite from the lender community on this opportunity was tremendous,” said Roeschalub. “The continued execution of the business plan post-COVID was a clear indicator to the lending community that this office product is still clearly in demand.”
Stolly added, “The Angelo Gordon and Glenstar teams did an exceptional job revamping this asset and now have very favorable financing in place to continue to reap the benefits of significant mark to market upside.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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