Capstone Equities Buys Nonperforming Loan on Garden City, N.Y., Office Complex
Maxim Capital provided $41 million in financing for Capstone's $51 million purchase of the $95 million note
By Cathy Cunningham November 10, 2026 11:10 am
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Josh Zamir has a new investment in his portfolio.
The Capstone Equities founder has purchased the nonperforming loan on Garden City Plaza, a multi-building office complex in Garden City, N.Y., Commercial Observer has learned.
Maxim Capital provided $41 million note-on-note financing for Capstone’s $51 million purchase of the $95 million loan, which was previously held by Bank of America.
Garden City Plaza, a 600,000-square-foot property in Nassau County owned by Treeline Properties, includes the addresses 100 through 400 Garden City Plaza. The note sale was cooperative, and Treeline remains in the deal.
“We have a very unique style in that we’re a friendly buyer of loans,” Zamir told Commercial Observer. “We buy at a discount and work collaboratively with the borrower to find a solution or tax-advantageous strategy, partnering with them. We’re also a great solution for banks selling the note because they can get out of that position and close quickly. We closed the $51 million Garden City Plaza deal in just two weeks, including due diligence.”
Iron Hound Management negotiated the note-on-note financing, while Newmark’s Brett Siegel, Josh King and Adam Spies advised Zamir on the note purchase.
The office complex sits next to Simon Properties’ Roosevelt Field Mall, the 11th-largest mall in the U.S., with ease of transportation to New York City. Garden City enjoys strong demographics and a diversified economy, with robust growth in the medical sector particularly.
The transaction marks Capstone’s 50th deal overall, and second deal in the Garden City area. Last week, the firm refinanced Franklin Plaza, a four-building, 488,835-square-foot office complex at 1205 to 1325 Franklin Avenue on Long Island with a $43 million loan from Goldman Sachs. Capstone previously acquired the nonperforming note on Franklin Plaza.
As for Maxim, the lender has also been keeping busy. In late October, it provided a $55 million loan to recapitalize Juda Chetrit’s 1384 Broadway in a deal also led by Maxim’s Jason Bordenick and negotiated by Iron Hound.
Maxim, Iron Hound and Newmark declined to comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
