$9.6M financing for Bay Shore warehouse

Metropolitan Realty Associates has secured a $9.6 million loan on its recent purchase of a Bay Shore warehouse. 

The loan from Israel Discount Bank is on the 94,500-square-foot building on 6.2 acres at 5 Inez Drive that Metropolitan and equity partner Angelo, Gordon & Co. purchased for $14 million in Aug. 2021. 

The acquisition was the first investment for the partnership’s $50 million strategic fund focused on acquiring industrial properties on Long Island. 

The Bay Shore building, which has 22-foot-high ceilings and nine loading docks, is occupied by tenant Ruby Has, a fulfilment company specializing in last mile delivery services. 

“IDB Bank is a great lender who understands the merits of a well-positioned industrial asset with a strong credit single occupant,” Joe Farkas, CEO and founder of Metropolitan Realty Associates, said in a company statement. “The lending team was terrific to work with and made the closing smooth and timely. We are fortunate to have acquired the warehouse building last summer and have seen the market continue to rise since that time.” 

The transaction was brokered by Chris Kramer, Dustin Stoll, and Jordan Roeschlaub of Newmark, while IDB Bank was represented in-house by Gardner Semet and Andrew Zuhusky. 

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