A Jericho-based real estate owner said it obtained refinancing for the Sunrise Business Center, an office park in Great River, in the form of a $35 million loan from Bank of America.
Metropolitan Realty Associates said the low-leverage loan with no prepayment penalty culminates a five-year transformation of the park that it purchased for $20 million in 2006 with equity partner Angelo, Gordon & Co. of Manhattan.
An announcement by Metropolitan, a private real estate investment and development firm, said the four-building, 388,500 square foot park on Sunrise Highway is 96 percent occupied.
Since its purchase of the park, Metropolitan almost completely razed and then replaced one of the four buildings, which had been a corrugated steel warehouse.
Joseph A. Farkas, Metropolitan’s founder and president, said tax incentives from the Town of Islip’s Industrial Development Agency froze property taxes for five years starting in 2007, then limit increases to three percent a year for ten years. “It wasn’t big dollars,” Farkas said in an interview Monday, “but nickels over time turned into dollars.”
When all the tenants committed have moved in, he said, the complex will employ about 2,500 people.
Park tenants include Citizens Bank, Verizon, Cintas Corp.; Hearst Publications and Suffolk County’s Department of Health Services.
Photo: Joseph Farkas, founder and president of Metropolitan Realty Associates.