An industrial property in Bay Shore has been refinanced for the second time in a year.
Metropolitan Realty Associates secured the $18 million refinancing last month for the 128,600-square-foot manufacturing and warehousing facility on 5.36 acres at 81 Spence St.
Metropolitan and its long-time equity partner, Angelo, Gordon & Co. acquired the Bay Shore property in an all-cash transaction in March 2022 for $22.25 million. The property was later refinanced along with two Ronkonkoma industrial assets in Jan. 2023 with a $31.9 million loan.
Last May, Duro Dyne, a manufacturer and global distributor of sheet metal accessories and equipment products for the HVAC industry, which had been the sole tenant at 81 Spence St., leased the property for an additional 12-year term, which runs through May 2035.
Last month, the Bay Shore property’s second refinancing with IDB Bank was arranged by Evan Pariser and Steven Klein of JLL’s New York City debt team.
“81 Spence Street is a well-located industrial asset with 10 loading docks, two drive-in doors, 24-foot clear ceiling heights throughout the warehouse, and an abundance of parking. Given the property’s strategic location, asset quality, credit tenancy, and best-in-class operating partnership along with Duro Dyne’s long-term lease, there was tremendous interest from the lending community in this financing opportunity,” Farkas said in a company statement. “We appreciate the continued partnership of our incumbent lender, IDB Bank, which distinguished itself with its ability to move quickly and provide attractive financing terms.”
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