Crossroads Office Portfolio - Hauppauge, NY
Tal Bar-Or, Meridian CapitalHauppauge, NY Meridian Capital Group has negotiated $50 million in permanent financing to refinance the Crossroads Office Portfolio located in Hauppauge and Islandia 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, who are all located in the Company’s New York City headquarters.
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. The properties are located at 1363-1393 Veterans Memorial Hwy. in Hauppauge and 1707-1797 Veterans Memorial Hwy. in Islandia. The multi-tenant properties were constructed between 1984 and 1989 and have excellent frontage along Veterans Memorial Highway as well as direct access to the Motor Parkway.
“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.”
Bar-Or leads a team charged with origination and execution for institutional clients. Over the course of his career, Bar-Or has financed over $4.1 billion covering multifamily, office, retail, industrial, hospitality and other assets across the United States.
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