MRG secures financing for Long Island projects

Real Estate Weekly, March 12, 2003 by Jonathan Goldman

Buoyed by relatively stabile office markets in both Nassau and Suffolk Countys, M. Robert Goldman & Company, Inc. (MRG) has arranged refinancing loans for four Long Island office properties totaling $93 million.

These transaction were possible thanks to our extensive roster of correspondent relationships which provides us the ability to draw upon a wide range of capital sources to fulfill individual client needs.

In each case, the borrower required different financing structures. One deal based on LIBOR, while the others had terms ranging from nine to 15 years. By maintaining a vast pool of correspondent relationships, we were able to match the borrower and lender and effectively arrange deals which satisfied their specific financing requirements.

Two of the transactions involved office buildings located in Garden City, N.Y We recently secured $30 million in financing for a 333,976-SF office building located at 711 Stewart Ave.; and completed a $14 million loan for two office buildings totaling 103,950 SF situated at 591 & 595 Stewart Ave.

Both loans were placed with The Guardian Life Insurance Company of America, who we represents as a mortgage loan correspondent. Additionally, we placed $24 million in financing with PPM America - on behalf of Jackson National Life Insurance Company - for a 362,224-SF, 4-story office building located at Two Huntington Quadrangle in Melville, N.Y.

We also secured $25 million in refinancing for the 289,305-SF office building at 1000 Woodbury Road in Woodbury, N.Y.