Meridian Capital Group negotiated $50 million in permanent financing to refinance the Crossroads Office Portfolio located in Hauppauge and Islandia, NY on behalf of The Matrix Group.
The 10-year CMBS and mezzanine financing package was provided by Jeffries LoanCore LLC.
This transaction was negotiated by Meridian managing director, Tal Bar-Or, vice president Judah Neuman and associate, Kyle Kite.
The Crossroads Office Portfolio is composed of two adjacent office parks, Crossroads Corporate Center and Crossroads Executive Park, totaling 14 buildings and 392,000 s/f.
They are located at 1363-1393 Veterans Memorial Highway in Hauppauge, and 1707-1797 Veterans Memorial Highway in Islandia. The multi-tenant properties were constructed between 1984 and 1989.
“We are pleased to have worked with The Matrix Group again to refinance the Crossroads Office Portfolio,” said Bar-Or.
“18 months ago, Meridian arranged the acquisition financing for the portfolio to support Matrix’s value-add business plan. The properties are now well-positioned and demonstrate Matrix’s ability to take undermanaged real estate and reposition it into stable, best in market assets.”