The Procter Co. Secures $20M Refi for Long Island MOB

Huntington Medical Center was first completed in 1992 and underwent renovations in 1997. Image courtesy of CommercialEdge

The Procter Co. has secured a $19.5 million refinancing loan for Huntington Medical Center, a 66,316-square-foot medical office building in Huntington, N.Y.

The Northmarq team, which included Senior Vice President and Managing Director of the New York City office Robert Delitsky and Senior Vice President Charles Cotsalas, worked on behalf of the borrower to secure the note provided by 40|86 Mortgage Capital.

The property is under The Procter’s ownership since 2000, when the company bought the asset from Huntington Medical Group for $8.8 million. The facility was previously subject a $16 million loan from Flushing Bank in 2017, CommercialEdge data shows.

Originally completed in 1992, the property underwent cosmetic renovations in 1997. The one-story, Class B building sits on 5.8 acres and offers controlled access, 294 car parking spots at a ratio of 6.6 spaces per 1,000 square feet and includes 1,500 square feet of retail. The facility is fully leased to New York University for the Grossman School of Medicine.

Located at 180 E. Pulaski Road, Huntington Medical Center has access to U.S. Route 110 and is 53 miles northeast of New York City. Other medical providers in the surrounding area include NYU Langone Huntington Medical Group, New York Center for Innovative Medicine, with Huntington Hospital less than 3 miles away.

Over a 12-month period as of October, 11 medical office buildings totaling 57,223 square feet traded in the Long Island market, according to CommercialEdge data. In the Greater New York City area, Atkins Cos., in partnership with Denholtz Properties, acquired a 490,000-square-foot health-care facility in Chappaqua, N.Y. in April.