Barclays & Citigroup Provide $350M Loan For Melville, Long Island Office Properties
FINANCED
$350,000,000
New York
See Similar DealsOffice605,000 SF
Financed 06/18/2021
FINANCED
Barclays & Citigroup Provide $350M Loan For Melville, Long Island Office Properties
2 Huntington Quadrangle, Melville, NY, USA
See Similar DealsOffice605,000 SF
Financed 06/18/2021
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$578
Total Square Footage:605,000 SF
Transaction Type:Loan
Located in Melville, Long Island, the property involved in this closed transaction is an office asset situated at 2 Huntington Quadrangle, 6 & 8 Corporate Center Drive. The property has a loan amount of $350,000,000 and is owned by Angelo Gordon & We’re Group, represented by Tony Fromer. Barclays and Citigroup served as the lenders for this transaction.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $350,000,000
- Address: 2 Huntington Quadrangle, 6 & 8 Corporate Center Drive
- Market: Melville, Long Island
- Landlord: Angelo Gordon & We’re Group - Tony Fromer
- Lenders: Barclays & Citigroup
The collaborative efforts of lenders Barclays and Citigroup facilitated the financing for this office asset. The property is owned by Angelo Gordon & We’re Group and represented by Tony Fromer, their broker representative. This transaction highlights the significance of strong banking partnerships in the commercial real estate sector.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$350,000,000.00
Monthly NOI$2,333,333.33
Monthly Debt Service$2,212,238.08
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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