The Treeline team of Michael Schor, executive vice president/general counsel, C. Glenn Schor, general counsel and chief operating officer placed the 10-year, fixed-rate transaction and negotiated directly with the lender, a major money center bank. Michael Schor says proceeds will be deployed immediately into new ventures, either traditional acquisitions or investments with joint venture partners. "Our timing took advantage of the availability of low interest rate financing."
The loan replaced a securitized first mortgage loan and mezzanine debt held by Principal Commercial Acceptance Corp. Treeline acquired the property in 1998. Earlier this year, Treeline completed a two-year, $8-million renovation at the site with improvements such as remodeled upper and lower level lobby areas, elevator cabs, upgraded public spaces, an enhanced exterior facade and new landscaping. The building's infrastructure was also upgraded with a new HVAC system.
Treeline just started a multimillion-dollar upgrades at 400 Garden City Plaza, a property it acquired from Reckson for $30 million last year. The company has recently launched an acquisition campaign targeting class A office properties throughout the tri-state area.
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