Development company Treeline announced $106 million in new first mortgage and mezzanine financing arranged for their four-building, 600,000 s/f Garden City Plaza office portfolio in Garden City, NY.
Michael Schor, chief investment officer of Treeline, made the announcement.
Robert Turner, Adam Spies and Joshua King of Eastdil Secured arranged the financing on behalf of Treeline.
The loans consist of $86 million in new first mortgage financing provided through Terry Livingston of Wells Fargo.
Eastdil also arranged a $20 mezzanine loan for the 90 percent leased portfolio through Robert Dirks of Principal Real Estate Investors.
Proceeds of the new financing will be used to buy out an existing equity partner and retire construction financing for a new restaurant for Maggiano’s Little Italy, which will open its first Long Island location at Treeline’s 600 Garden City Plaza, according to Schor.
“These properties are among the jewels of Treeline’s long-term New York area assets and they have enjoyed a history of high occupancy by a diverse tenant base of some of the area’s leading companies,” said Schor.
“We are excited about the future for these Class A properties as we continue to invest in the future of Long Island.”
Treeline’s Class A Garden City Plaza portfolio includes 100, 200, 300 and 400 Garden City Plaza.
The properties have renovated common areas, parking and amenities that include outdoor plazas and an on-site café.
Source: Real Estate Weekly