Capstone Equities has secured a 43 million dollar refinancing for the Franklin Avenue Plaza office complex on Long Island in the state of New York. US financial group Goldman Sachs provided the debt capital as part of a commercial mortgage-backed securities (CMBS) securitisation. The transaction replaces earlier financing that Capstone Equities had taken out in 2025 to acquire the property.
Refinancing of acquisition loan from Argentic
The new CMBS loan replaces a previous credit facility from lender Argentic, which had enabled the original acquisition. The deal was brokered on the advisory side by a team from brokerage firm Newmark. Financing experts Daniel Fromm, Ryan Bub and Stavros Giannakopoulos handled the structuring and negotiations on behalf of the owner.
The office complex at 1205-1325 Franklin Avenue is situated in Garden City, a Long Island suburb approximately 20 miles east of Manhattan. The ensemble comprises four buildings, each no taller than five storeys, which were completed around 1979. In total, the complex encompasses 488,835 square feet of floor space.
Key details of the transaction and property
- —Property: Franklin Avenue Plaza (1205-1325 Franklin Avenue, Garden City, Long Island)
- —Floorspace: Four buildings with a total of 488,835 square feet of office space
- —Lender and structure: 43 million dollar CMBS loan from Goldman Sachs
- —Parties: Capstone Equities as owner, Newmark as advisory broker, and Argentic as previous lender
With this successful securitisation, Capstone Equities stabilises the capital structure of the large-scale site in the suburban New York area. Garden City remains a sought-after office market for institutional tenants seeking connectivity to Manhattan alongside a decentralised location.
Further details regarding the precise term or interest rate conditions of the new loan were not disclosed. Capstone Equities has not yet responded to requests for comment concerning the refinancing and operational plans for the office ensemble.
