Braddish, Fisher and Gaccione of CBRE arrange $36.7 million loan; First mortgage bridge and construction financing placed

Executive VP Keith Braddish, senior VP Mark Fisher and VP Jason Gaccione of CBRE's Capital Markets Debt & Equity Finance group in New York City, arranged $36.732 million in financing on behalf of their clients, Angelo Gordon and Metropolitan Realty Associates, for Garden City Sq., a retail power center and medical office building located at 711 Stewart Ave. The deal features a 36-month, non-recourse loan, funded by Mesa West Capital, and allows for the majority of the borrower's equity contribution to occur after the construction loan proceeds are substantially funded. "Mesa West structured a very attractive deal for our clients in that it facilitates a complete repositioning of an asset that will be one of the premier mixed-use buildings in the Long Island market," said Braddish. The existing 335,000 s/f office building will be partially demolished to make way for retailers who will occupy more than half of the newly developed 305,000 s/f mixed-use facility. One notable retailer, BJ's Wholesale Club, has signed a lease for 121,000 s/f. Occupying 17-acres and boasting 1,400 parking spaces, Garden City Sq. is an exceptionally well-located retail destination that fronts both Stewart Ave. and the South Ring Rd. of the highly trafficked, super-regional, Roosevelt Field Mall. The asset is currently 22% occupied primarily by medical office tenants, and 40% preleased to BJ's. The 38% balance will support either office or retail use.