ConnectOne Bank Provides $9.75M Refinance Loan For Office Property At 175 Great Neck Road

The property asset involved in this transaction is an office located at 175 Great Neck Road in the Great Neck market. The asset encompasses a total square footage of 40,358 and involves a refinance loan amounting to $9,750,000 under a 5-year deal at an interest rate of 6.65%.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $9,750,000
• Loan Type: Refinance
• Loan Terms: 5-year deal at 6.65%
• Lender: ConnectOne Bank
• Broker: Bryan Geffen & Joshua Lerer - Meridian Capital Group

The individuals involved in this deal include Bryan Geffen and Joshua Lerer, who represent Meridian Capital Group. They facilitated the transaction, ensuring successful closure within a tight timeframe of 60 days remaining on a CMBS maturity. Their efforts resulted in a significant cash out for the client, coupled with a flexible pre-payment penalty.