Goldman Sachs provides $43M refinancing for Long Island office complex
The short version
- The new debt refinances four office buildings in Garden City.
- Capstone Equities used the funds to replace an older loan.
Goldman Sachs, the investment banking giant, just provided $43 million to refinance Franklin Avenue Plaza, a four-building office complex in Garden City, New York, according to Commercial Observer. Capstone Equities secured the $43 million debt package to replace an older loan from Argentic that Capstone used to buy the property in 2025.
The four buildings span 488,835 square feet and sit 20 miles east of Manhattan. The complex opened around 1979 and stands no more than five stories high. Daniel Fromm, Ryan Bub, and Stavros Giannakopoulos of Newmark, the commercial real estate services company, arranged the transaction.
For local property owners, big institutional lenders are still moving money into suburban office parks when the location is right. Real estate deals of this size show that large banks still see value in established suburban business hubs.
