October 24, 2019
Pembrook Capital Management closed on a $5.75-million preferred equity investment to recapitalize 1025 Old Country Rd., a 200,000-square-foot office building and colocation/data center facility in Westbury, NY.
The preferred equity investment complements a first mortgage loan that the unidentified borrower has secured from a local commercial bank. The borrower intends to make an additional equity investment in the building, and use the entire new financing package to refinance the current mortgage loan and buy out the majority partner while embarking on a major infrastructure, capital improvement and expansion program at the property.
“Demand at 1025 Old Country Road has grown because of its direct connectivity to numerous transatlantic fiber optic cables,” said Stuart J. Boesky, CEO of Pembrook. “As a result, it’s considered one of the most connected properties on Long Island, with nearly a dozen cable network carriers and service providers already in the building.”
Pictured: Stuart J. Boesky.
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