Treeline completes $98m refi of Garden City Plaza.The Treeline Companies, an owner and manager of office properties throughout the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of metropolitan region, announced the completion of a $98.5 million mortgage refinancing of its office properties at 100, 200, 300 and 400 Garden City Plaza City Plaza is a shopping mall in historic downtown St. Albert, Alberta, Canada. This shopping plaza features heritage architecture and a European small shop ambience. It is home to BITNETS, the award winning technology business, other upscale offices and boutique-style shops. , Garden City, NY. Michael Schor, Executive Vice President/General Counsel, together with C. Glenn Schor, General Counsel and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of The Treeline Companies, placed the transaction and negotiated directly with the lender, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. . Michael Schor said that the proceeds from the transaction will be deployed immediately into new Treeline ventures, either traditional acquisitions or other investments with private or institutional joint venture partners. Mr. Schor said, "Our timing took advantage of the availability of low interest rate financing. It is a key component of our overall business strategy to extract value from our properties continuously and re-invest the financial resources in an aggressive acquisition program." He added, "Our strong, longstanding strategic relationship with Bank of America allowed us to place and complete the refinancing directly." Salvatore Yorre, Principal, and Andrew Baltz, Principal, of Bank of America arranged the refinancing on the lender's side. Treeline was represented by Michael Buxbaum of the law firm of Lowenstein Sandier P.C., and Michael Hirschfeld Michael Avigdor Hirschfeld (1944 – 1999) was a Wellington, New Zealand multi-millionaire businessman, and was President of the New Zealand Labour Party from 1995 to 1999. of Dechert LLP LLP - Lower Layer Protocol . The bank was represented by the law firm of Thacher Proffitt & Wood LLP. Over the past two decades, The Treeline Companies has built a reputation for quality ownership and intelligent investment throughout New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Long Island and Westchester County. The company has recently launched an aggressive acquisition campaign targeting Class A office properties throughout the tri-state area. The Treeline Companies also announced the commencement of a multi-million dollar commitment to upgrades at one of the refinanced buildings, 400 Garden City Plaza, which the company purchased from Reckson for $30 million during the second quarter of 2004. |
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