Metropolitan Realty Assoc. secures $23.5m in new refinancing

Metropolitan Realty Associates LLC and its equity partner, Angelo Gordon & Co., said they have secured $23.5 million in new financing for its fully leased 188,500 s/f, two-building mixed-use complex. Metropolitan, one of the leading owners of commercial property on Long Island, obtained the new financing from M&T Bank for the two buildings at 1000 Stewart Ave. and 500 Endo Blvd., known as the Business and Research Center at Garden City. "We prefer to maintain low leverage on our properties to ensure that the buildings perform well and are maintained in a first class manner through any type of market," said Metropolitan president Joseph Farkas.