State Farm Lends $26M on Whole Foods-Anchored Long Island Retail Asset
By Andrew Coen December 1, 2022 2:46 pm
reprints
BRAM Auto Group has secured a $26 million debt package to refinance a Long Island shopping center anchored by Whole Foods, Commercial Observer has learned.
State Farm Auto Insurance supplied the loan on BRAM’s 867 East Gate Boulevard in Garden City, N.Y, which BRAM acquired from Midwood Management Corporation for $65.2 million in May.
Newmark (NMRK)’s Dustin Stolly, Jordan Roeschlaub and Daniel Fromm arranged the refinancing.
“We are pleased to close this financing on behalf of BRAM Auto Group during this volatile time in the capital markets,” Fromm said in a statement. “This closing is a testament to our team’s strong sponsorship and relationship with State Farm.”
Located 25 miles east of Manhattan in Nassau County, the 55,000-square-foot property is 100 percent leased, with Whole Foods as its largest tenant taking 50,000 square feet. Other tenants include Citizens Bank and veterinary practice Bond Vet.
New Jersey-based BRAM is a private family investment firm that owns roughly 2 million square feet of commercial real estate in the New York City metropolitan area. The firm also owns companies in the automotive retail space.
Officials at State Farm and BRAM Auto Group did not immediately respond to requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
