Newmark has arranged $280 million in financing for a Long Island portfolio that combines medical office and traditional suburban office assets. The portfolio encompasses 14 properties totaling approximately 1,510,000 square feet and is held by a joint venture between TPG Angelo Gordon and The WE’RE Group. Nomura and Citi Group provided the financing, according to Newmark.
The assets are described as strategically located across the Long Island submarkets of Lake Success, Jericho and Melville. The portfolio is reported as 876% leased and supported by a tenant roster of more than 75 occupiers. The leases collectively carry a weighted average remaining term of 5.3 years, giving the ownership group a measure of cash flow visibility across the combined footprint.
Newmark’s capital markets team included co-head of Global Debt & Structured Finance Jordan Roeschlaub, vice chairman Chris Kramer, director Tim Polglase, associate director Dan Axelson and associate Niv Shahmoon. This team arranged the financing on behalf of the ownership joint venture. The transaction underscores the role of intermediary-led debt placement in connecting institutional ownership groups with large-scale lenders for healthcare-oriented portfolios.
Within the 14-property aggregation, approximately 58% of the rentable area is dedicated to medical office use. The remaining space is primarily traditional office, and ownership is actively repositioning selected conventional office assets into medical office space. This shift toward healthcare tenancy is intended to align the portfolio more closely with medical office demand dynamics and to build on the existing concentration of healthcare users in the portfolio.
Commentary from Newmark framed the transaction in terms of stability and long-term demand drivers. Roeschlaub noted that the combination of durable cash flow, significant healthcare tenancy and the potential for further medical office conversions made the financing opportunity attractive to lenders. He also cited the strength of the sponsorship, the diversification of income across numerous tenants and locations and the favorable fundamentals supporting medical office demand on Long Island as key elements that resonated with capital providers.
The involvement of Nomura and Citi Group as funding sources highlights ongoing lender interest in well-leased, institutionally owned medical office and office portfolios. With a diversified tenant base, a sizable share of medical office space and embedded conversion potential, the Long Island portfolio positions its owners to engage with lenders that are focused on healthcare-related assets and predictable income streams.
