Barone Management Nabs $32M Refinance for 2 Queens Charter Schools
By Chava Gourarie June 30, 2021 5:16 pm
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Barone Management has secured $32 million in financing from Metropolitan Commercial Bank for two adjacent charter schools in Jamaica, Queens, Commercial Observer has learned.
The loan refinances the educational complex, at 89-17 and 89-25 161st Street, which includes two properties leased to New Dawn Charter High School II and Growing Up Green Charter School.
Barone purchased the two connected properties in 2018 for $20 million from the Sisters of St. Dominic. One of the parcels was previously home of the Dominican Commercial High School, founded by the Christian order in 1936.
Barone has been focusing on educational properties, and is also developing several other properties leased to charter schools throughout Queens. Metropolitan has previously funded two of Barone’s projects, including a $20.2 million construction loan for a development at 45-20 83rd Street, which is pre-leased to Renaissance Charter School.
Adam Hakim and James Murad of Meridian Capital Group arranged the financing.
“Metropolitan Bank first came into this deal at the height of the COVID pandemic when there was much uncertainty in the education space,” said Hakim in a prepared statement. “Barone has demonstrated the value of this property and the growing success of its tenants, allowing Metropolitan [Commercial] Bank to provide attractive terms.”
“The underlying financing here continues to illustrate the growth and underlying strength of the charter school sector, which is just beginning to mature in New York City,” Barone Management owner Scott Barone said in the statement.
Chava Gourarie can be reached at cgourarie@commercialobserver.com.
