NEW YORK CITY-HFF has announced that it has arranged a $10 million financing for 45 Research Way, a 59,294-square foot, Class A suburban office and medical office property in East Setauket, on Long Island.
HFF worked on behalf of the borrower, TRITEC Real Estate Co., to secure the long-term, fixed-rate loan through Sentinel Asset Management, Inc., acting on behalf of Life Insurance Company of the Southwest.
45 Research Way is located 55 miles east of Manhattan within Stony Brook Technology Center, a 103-acre, one million-square-foot master-planned office park. Completed in 1997, the two-story building is 94% leased to a variety of medical and non-medical tenants, and also serves as TRITEC's headquarters. The property features an atrium lobby, 50-person conference room, on-site fitness center and 24-hour access.
The HFF team representing the borrower was led by associate director Michael Gigliotti. TRITEC was led by TRITEC Asset Management's Yvonne Sun.
“Attracting flexible balance sheet financing to 45 Research Way is a testament to the strength of Stony Brook Technology Center as well as the deep commitment that TRITEC has to its headquarters building and the overall business park,” said Gigliotti.
“HFF was very responsive and professional throughout the process and put us in touch with the right lender, Sentinel, for this deal,” says Sun in the announcement.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
