Metropolitan Realty Associates closes $9.6 million loan with IDB Bank

Bayshore, NY According to Joseph Farkas, CEO and founder of Metropolitan Realty Associates LLC, (MRA) the company has closed a $9.6 million loan with IDB Bank on its recent $14 million purchase of 5 Inez Dr. MRA and long-time equity partner Angelo Gordon acquired the asset in August 2021 as the seed investment for its newly formed $50 million industrial programmatic venture, which originally closed on an all-cash basis.

The transaction was brokered by Chris Kramer, Dustin Stolly, and Jordan Roeschlaub of Newmark. IDB Bank was represented internally by Gardner Semet, senior vice president, and Andrew Zuhusky, vice president.

“IDB Bank is a great lender who understands the merits of a well-positioned industrial asset with a strong credit single occupant,” said Farkas. “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 single-story, 94,000 s/f warehouse is 100% leased to Ruby Has, a national fulfillment company specializing in last mile delivery services. The 1973 warehouse, which is situated on a 6.3-acre lot, offers features such as 22-ft.-high ceilings and nine loading docks, plus two grade-level drive-in doors with two acres of truck parking.

5 Inez Dr. is a six-minute drive to the Long Island Expressway, an 11-minute drive to Pinter Warehouse rail terminal, and a 60-minute drive to the Red Hook Container Terminal. Offering access to area airports, the building is only 22 minutes to Long Island McArthur and 41 minutes to JFK.