Long Island Office Asset Lands $17M Financing
- May 21, 2018
After procuring a loan for a nearby shopping center, NorthMarq Capital has closed a $17 million, five-year refinancing for a 118,379-square-foot office building in Westbury, N.Y., on behalf of Piermont Properties. The loan will be used to pay off an existing $17 million mortgage financed by Bethpage Federal Credit Union, Yardi Matrix data shows.
The asset was originally completed in 1966 and previously served as a data center. Following a 2006 adaptive reuse conversion, the property now features a three-story atrium, a sky bridge on the second floor, two conference rooms and 115 parking spaces.
Located in Long Island, at 865 Merrick Ave., the asset sits within walking distance of the Westbury train station, bus stations, restaurants, accommodation options and retailers. The roster of tenants includes Meadowbrook Endoscopy Center, Acres Capital and Spark 451.
A team comprising Ernest DesRochers, senior vice president & managing director of NorthMarq Capital’s New York City office, and Charles Cotsalas, senior vice president & senior director of the firm’s Long Island regional office, brokered the transaction.
Image courtesy of Yardi Matrix