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Redeveloped Long Island MOB Lands $38M Financing — The new site offers imaging services, primary care, pediatric and concierge medicine, as well as other specialty services.

Once home to BAE Systems, the former industrial property now houses Mount Sinai Health System’s imaging, primary care, pediatric and concierge medicine services.

COMMERCIAL PROPERTY EXECUTIVE publication | By Corina Stef

Simone Development Cos. has obtained $38.1 million in CMBS financing for 5 Cuba Hill Road, a 199,128-square-foot medical office property in Greenlawn, N.Y. KeyBank Real Estate Capital financed the fixed-rate loan, which bears a 10-year term and 30-year amortization schedule.

Image courtesy of Simone Development

The asset sits on 17.7 acres and encompasses four two-story buildings. Completed in 1966, the property previously had industrial uses and housed BAE Systems’ operations, but underwent a complete redevelopment in 2017. In early 2018, Mount Sinai Health System consolidated three of its Huntington, N.Y., locations into one of the converted facilities. The new site offers imaging services, primary care, pediatric and concierge medicine, as well as other specialty services.

Area amenities include parks, eateries and two shopping centers. The Greenlawn train station is within walking distance, while John F. Kennedy International Airport is an hour drive away.

KeyBank Commercial Mortgage Group’s William Cassidy brokered the transaction. The mortgage refinanced a previous $25.4 million debt, according to Yardi Matrix.

SOURCE: https://www.cpexecutive.com/post/redeveloped-long-island-mob-lands-38m-financing/

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