JV Angelo Gordon refinances office portfolio with a $ 350 million loan

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Newmark, on behalf of Angelo Gordon and the WE’RE Group, arranged a $ 350 million securitized floating rate loan to finance 16 2 million square feet of suburban office assets in Nassau and Suffolk Counties on Long Island.

The Newmark team was led by Dustin Stolley and Jordan Roshlaub, Vice Chairs and Co-Leaders of the New York City Debt and Structured Finance Group. Barclays and Citi led the securitization of the single asset of the sole borrower.

The portfolio of both traditional and medical offices is located on the north shore of Long Island, home to some of Long Island’s strongest submarkets.

All assets are located in close proximity to major arteries, and the Nassau County assets are adjacent to several very famous hospitals. A well-filled and diversified portfolio is currently 89.3 percent leased to various tenants in the medical, financial and legal industries, with no tenant occupying more than 18.2 percent of net leased space.

Stolli commented, “By leveraging high quality rents and a commitment to tenants with this best-in-class sponsorship, we have been able to achieve success for all parties involved.”

Rochelaub commented: “Angelo Gordon has acquired an attractive portfolio with diversified cash flow. We have been able to leverage our extensive experience at SASB to provide a solution to increase portfolio financing. ”

Angelo Gordon, owned and operated by the WE’RE Group for almost 50 years, entered the portfolio ownership structure in 2019 when the two groups formed a joint venture agreement, including many of the assets in the existing WE’RE Group portfolio. The partnership creates a unique opportunity to leverage both the institutional strengths of Angelo Gordon and the expertise of the WE’RE Group to drive significant growth in all of the portfolio’s assets.

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