Barone Management Lands $68M for Educational Facility and Resi Site in Queens
Barone Management has landed $67.8 million in financing to recapitalize an educational facility and neighboring residential development site in Queens, Commercial Observer can first report.
Metropolitan Commercial Bank provided a senior mortgage, while Columbia Pacific Advisors provided preferred equity in the deal. Barone Management will use the debt to execute its purchase option on the fee position and also recapitalize its equity.
Meridian Capital Group negotiated the loan on behalf of the sponsor with a team led by Adam Hakim, James Murad and David Baker.
Located at 45-20 83rd Street in Elmhurst, Queens, the property includes a newly built 67,286-square foot, five-story educational facility plus a neighboring 142,000 square feet of zoning floor area residential development site. The educational facility has been leased to The Renaissance Charter School II.
“The closing of this loan demonstrates the ability of these two lenders to get comfortable with a unique mix of asset types and provide a structure that capitalized the purchase of the fee interest in the property while simultaneously recapitalizing the equity and locking in a fixed rate in a rising-rate environment,” Hakim said in a prepared remark.
Officials at Barone Management did not immediately respond to a request for comment.
Emily Fu can be reached at efu@commercialobserver.com
