Angelo Gordon JV refinances office portfolio with $ 350 million loan
Newmark, on behalf of Angelo Gordon and the WE’RE Group, arranged a $ 350 million variable rate securitized loan to finance 16 suburban office assets, covering two million square feet in Nassau counties and from Suffolk to Long Island.
The Newmark team was led by Dustin Stolly and Jordan Roeschlaub, vice presidents and co-heads of the New York Debt & Structured Finance team. The Single Asset Single Borrower securitization was conducted by Barclays and Citi.
Comprised of both traditional and medical practices, the portfolio is located along the north coast of Long Island, which contains some of Long Island’s most important submarkets.
All assets are located close to major arteries, with Nassau County assets close to several high profile hospitals. The well-occupied and diversified portfolio is currently 89.3% leased to various tenants in the medical, financial and legal sectors, with no single tenant representing more than 18.2% of the net rental area.
Stolly commented: “By leveraging the list of high quality rents and rental committed with this top notch sponsorship, we were able to achieve successful execution for all parties involved.”
Roeschlaub underlined: “Angelo Gordon has acquired an attractive portfolio with diversified cash flows. We were able to leverage our extensive SASB experience to provide an accretive financing solution for the portfolio. “
Owned and operated by the WE’RE group for almost 50 years, Angelo Gordon entered the portfolio ownership structure in 2019, when the two groups formed a joint venture arrangement comprising many assets within the group’s existing portfolio. WE’RE. The partnership creates a unique ability to leverage the institutional capacities of Angelo Gordon and the operational expertise of the WE’RE group to generate significant growth among all assets in the portfolio.
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