HAUPPAUGE, NY—The Matrix Group has secured a $50-million CMBS and mezzanine-financing package for its Crossroads office portfolio in Hauppauge and Islandia, NY.
The 10-year permanent financing refinances the 14-building, 392,000-square-foot office portfolio on Long Island. The transaction was negotiated by Meridian Capital Group and provided by Jeffries LoanCore. Meridian Capital Group managing director Tal Bar-Or, VP Judah Neuman and associate Kyle Kite, who alll work out of the firm’s New York City headquarters, negotiated the transaction on behalf of Matrix.
The Crossroads office portfolio consists of two adjacent office parks: Crossroads Corporate Center and Crossroads Executive Park. The properties 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 and front Veterans Memorial Highway and have direct access to the Motor Parkway.
“We are pleased to have worked with The Matrix Group again to refinance the Crossroads office portfolio,” says Bar-Or. “Eighteen 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.”