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Capital One Provides $28MM to Refinance Long Island Shopping Centers

October 29, 2015, 07:11 AM
Filed Under: Real Estate

Capital One has provided adjustable-rate loans totaling $28 million to refinance two suburban New York shopping centers – Selden Plaza, a 229,000 square-foot retail center with office space in Selden, New York, and Towne Center, a 43,000 square-foot center in Glen Cove, New York. Sean Winchester, Vice President in Capital One Bank’s Melville, New York office, originated the transaction. 
The borrower, Miller Realty Associates, is a family-owned real estate firm with a portfolio of commercial, residential, and land development holdings in New York, Pennsylvania and Florida.  It ground up developed both Towne Center in 1981 and Selden Plaza in 1987. Towne Center and Selden Plaza are in densely populated, well-traveled areas and have long-term tenants and high occupancy rates.  “These are both well-maintained, well-located properties,” Winchester said.  “We were very pleased that Miller Realty turned to us for refinancing.”
“Capital One put together a financing solution that advances our goals for these properties,” said Robert Miller of Miller Realty. “We are happy to work with a lender who can align their capital solution with our investment strategies.”
Both adjustable-rate, interest only loans have seven-year terms. The proceeds of the loans were used to refinance existing debt and cash out equity. 
Capital One Bank’s Commercial Real Estate Group offers a comprehensive array of financing solutions for property owners and developers nationwide, including balance sheet and agency lending.

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