Real Estate Weekly
Image default
Debt & Equity

MRG arranges $272M financing for Long Island office REIT

M. Robert Goldman & Company, Inc. has arranged $272.2 million in financing in two transactions for Long Island based GTJ REIT, Inc.

100 American Avenue
100 American Avenue, White Plains

Jonathan Goldman and John Robustello were responsible for the debt placements.

The first transaction of $233,100,000 covered 28 properties through New York, New Jersey and Connecticut and was provided through MRG’s correspondent relationship with AIG Asset Management on behalf of many of their insurance company subsidiaries.

The ten-year interest only loan, which is serviced by MRG, provided GTJ with funds to retire existing debt at aN attractive rate as well as additional liquidity for future transactions.

“The GJT Portfolio provided AIG with a diverse tenant roster as well as geographic diversity over more 2 million square feet of space. As a portfolio lender they were able to accommodate all of the Borrower’s needs through their ability to control the documentation process” says Jonathan Goldman.

MRG also secured a $39,100,000 acquisition loan for GTJ’s purchase of the six property 734,000 sq. ft. Sudler industrial portfolio in Piscataway with Allstate Life Insurance Company.

The acquisition deepens GTJ’s footprint in Northern New Jersey which was primarily comprised of 400,000 s/f in Morris Plains.

MRG is the largest independent mortgage banking firm in the New York Metropolitan Area. They represent 18 life insurance companies as correspondent and have a $2 billion servicing portfolio.

Related posts

Criterion JV refinances 22-property outdoor storage portfolio with $132.3M loan from Axos Bank


JLL arranges $220M financing, equity for downtown Manhattan office-to-apartment conversion


Lonicera Partners and Rabina Secure JV Equity and Financing for Downtown Brooklyn Apartment Development