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By Joe M RichterDecember 13, 2019
GreenOak Real Estate and Related Companies have secured a $74 million loan from Colony Credit Real Estate to refinance its commercial building 2100 49th Avenue in LIC. The Paragon Building spans 132,000 square feet, and consists of office space, plus ground-floor and outdoor retail.
Financing details: The new mortgage replaces $57.1 million in debt provided by TPG at the time of acquisition in 2016, according to the CO.
Flashback: The duo paid roughly $47.5 million for the former industrial building, and are in the midst of spending $35.5 million to renovate the asset.