Firm secures $31.9M financing for LI industrial properties
The financing was arranged through IDB Bank for properties in Bay Shore and Ronkonkoma.
IDB Bank arranged financing for properties located at 195 13th Ave., 2175 Fifth Ave., Ronkonkoma and 81 Spence St., Bay Shore. "While the financing market is still challenging, most lenders are excited about high-quality industrial assets with low vacancy rates in supply-constrained countries with best-in-class sponsorship and high vacancy rates, and there was considerable interest in this portfolio," Joseph Farkas (founder and CEO of MRA) stated in a company statement. Farkas stated in the statement that despite rising interest rates, some industrial markets continue to see rising rent rates. Evan Pariser and Steven Klein, both of JLL, represented Angelo, Gordon and MRA in the financing transaction. Joseph Galvano from Duval & Stachenfeld was also involved. Avi Lieberman, Jeremy Romine and Ethan Schlussel from Zek Law represented IDB Bank in-house.