East Setauket, NY – The Westport office of Goedecke & Co., LLC has arranged $6 million in first mortgage financing for the acquisition of a 66,229 SF industrial/office building located on East Setauket, Long Island. The property is occupied by Rockwell Automation Inc., a global provider of industrial automation power, control, and information solutions.
Goedecke Principal Timothy Breda and Senior Associate Kate Fasciano worked exclusively on behalf of the buyer to secure a long term, fixed rate, non-recourse loan from Bankwell Bank, headquartered in New Canaan, CT. The Borrower is a single purpose entity controlled by Old Hill Investment Group (“Old Hill”); a Connecticut based private real estate investment company.
Said Breda, “The subject is fully leased to Rockwell Automation, a Fortune 500 and investment grade company. The building is of a high quality construction and design with a flexible layout that can be modified for many uses including medical. The Subject is situated in a highly occupied sought after park adjacent to the largest medical and research hospital on Eastern Long Island. We are pleased that Bankwell Bank shared Old Hill’s view on the institutional quality of the investment. The Borrower has secured a stable investment with upside for its investors, and we are delighted to have assisted.”
Old Hill Investment Group is focused on real estate investments in select markets within the United States. Old Hill invests its own capital alongside its established network of high net worth individuals and family offices.
Goedecke & Co., LLC is New England’s largest privately-owned commercial mortgage banking company, with offices in Boston, Massachusetts, and Westport, Connecticut.
