Metropolitan Realty Associates and its partner Angelo, Gordon & Co., have secured $31.9 million in financing for three of its Long Island industrial properties.
The financing was arranged through IDB Bank for properties at 195 13th Ave. and 2175 Fifth Ave. in Ronkonkoma, and 81 Spence St. in Bay Shore. The three properties are single-story, single-tenant, distribution and manufacturing facilities and total a combined 353,600 square feet.
The industrial properties were acquired as part of a $50 million programmatic venture between MRA and Angelo, Gordon that focuses on industrial assets in the Long Island market.
“While the financing market remains challenging, most lenders are enthusiastic about high-quality industrial assets in supply-constrained markets with low vacancy rates and best-in-class sponsorship, and there was extensive interest in this portfolio from several banks,” Joseph Farkas, founder and CEO of MRA, said in a company statement. “We have been impressed by our past experiences with IDB Bank and were pleased to work with them again on this financing.”
IDB Bank placed two prior loans with MRA and Angelo, Gordon, including financing in 2021 for the 94,000-square-foot industrial building at 5 Inez Drive in Bay Shore and another for a retail development at 5100 Fashion Drive in Nanuet in 2022.