Taylor and Falzarano of M&T Realty Capital place two loans totaling $24.3 million

 

 

Melville, NY John Taylor and Donna Falzarano of M&T Realty Capital Corp. placed two permanent loans totaling $24.3 million secured by 510 Broadhollow Rd. and 175 Pinelawn Rd. A long-term life company correspondent lender financed the debt on both. M&T Bank’s Michael McCarthy originally provided the sponsor with short-term acquisition financing and after a successful renovation program, both office buildings quickly achieved stabilization, paving the way for M&T RCC to offer the long-term permanent refinance.

510 Broadhollow Rd. is a 75,789 s/f multi-tenanted office building constructed in 1983 and extensively renovated in 2021. Over 60% of the rentable area was leased in the last 18 months and is over 90% occupied to a roster of medical, financial, and engineering service providers.

175 Pinelawn Rd. is a 105,426 s/f multi-tenanted office building constructed in 1990. Beginning in 2020, the property underwent a complete gut renovation and the sponsor signed or renewed leases for almost 90% of the building. The property is now well over 90% leased, higher than the sub-market average.

The sponsor, Fairfield Properties, is a Long Island based real estate company founded in 1974 and is a leading developer, owner, operator, and manager of residential and office properties on Long Island.

“We’ve had the distinct honor to have represented Fairfield Properties numerous times over the past several years,” said Taylor. “It’s no surprise that both Broadhollow and Pinelawn Rd. are out-performing the competition. Fairfield’s commitment to the market, their tenants and their success in repositioning assets like these is second to none.”