Michael Federman Of Red Pine Capital Partners Secures $13.5M Refinance For Industrial Asset In Ronkonkoma

The property asset is a 90,918 square foot industrial space located at 1000 Macarthur Memorial Hwy in Ronkonkoma. The transaction involved a loan amount of $13,500,000 for the purpose of refinancing.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $13,500,000
• Loan Type: Refinance
• Landlord: Michael Federman - Red Pine Capital Partners; Double Z Holdings; Elan Hakimian & Sunder Jambunathan - Certes Partners; Adam Hakimian & Michael Hakimian - The Hakimian Organization

The transaction reflects a refinance and upsize of an existing loan, providing cash out to ownership in just over one year. The sponsors are actively pursuing more acquisition opportunities.