Metropolitan Realty Associates Refinances Jericho Atrium

JERICHO, NY-With interest rates at an all-time low and continued growth in professional and business services, Nassau County’s inner-ring suburban office market is continuing to show signs of stabilization. As evidence of this trend, Metropolitan Realty Associates has refinanced Jericho Atrium, a two-story, 147,183 square-foot office building for $18.5 million, GlobeSt.com has learned exclusively. The new three-year, non-recourse floating rate loan, provided by Capital One Bank, is tied to LIBOR with two, one-year options.

MRA – a real estate investment and development firm based inside the atrium at 500 North Broadway – purchased the property in July 2007 with Belvedere Capital and equity partner Angelo, Gordon & Co. LP from New Hyde Park, NY-based REIT Kimco Realty Corp. for $24.3 million.