Capital One provided adjustable-rate loans totaling $28 million to refinance two suburban New York shopping centers – Selden Plaza, a 229,000 s/f retail center with office space in Selden, New York, and Towne Center, a 43,000 s/f center in Glen Cove, New York.
Sean Winchester, vice president in Capital One Bank’s Melville, New York office, originated the transaction. The borrower, Miller Realty Associates, is a family-owned real estate firm with a portfolio of commercial, residential, and land development holdings in New York, Pennsylvania and Florida. It developed both Towne Center in 1981 and Selden Plaza in 1987.
“These are both well-maintained, well-located properties,” Winchester said. “We were very pleased that Miller Realty turned to us for refinancing.”
“Capital One put together a financing solution that advances our goals for these properties,” said Robert Miller, of Miller Realty.
“We are happy to work with a lender who can align their capital solution with our investment strategies.”
Both adjustable-rate, interest only loans have seven-year terms. The proceeds of the loans were used to refinance existing debt and cash out equity.