**$42.5M CMBS Financing Secured for Long Island Office Portfolio**
Black Bear Capital Partners (BBCP), a real estate financial advisory firm and subsidiary of Black Bear Asset Management, has arranged $42.5 million in financing for The Crest Group. The funds will be used to refinance the Crossroads Office Portfolio, a 400,000-square-foot collection of office properties located in Hauppauge and Islandia, New York. The financing package was arranged by Bryan Manz and Emil DePasquale of BBCP.
Morgan Stanley provided the financing through a 10-year CMBS loan at 55% loan-to-value (LTV). The deal includes cash-out proceeds, 18 months of interest-only payments, and a 30-year amortization schedule following the interest-only period.
The Crossroads Office Portfolio consists of 13 properties situated at 1707-1797 Veterans Memorial Highway in Islandia and 1363-1393 Veterans Memorial Highway in Hauppauge. Built between 1984 and 1989, the properties are home to a diverse tenant mix across sectors such as communications, healthcare, government, insurance, and financial services.
“Closing a transaction of this scale in today’s office market underscores both the quality of the asset and the strength of the sponsor, as well as continued lender confidence in durable, creditworthy suburban office properties,” said Bryan Manz of BBCP.
