METROPOLITAN RECEIVES LOAN EXTENSION FOR LONG ISLAND OFFICE COMPLEX
GREAT RIVER, N.Y. — Metropolitan Realty Associates (MRA) has received an extension from GE Capital Corp. for the $22.6 million mortgage it currently has taken out on Sunrise Business Center in Great River. MRA, along with its equity partner Angelo, Gordan & Co., first purchased the center in 2006. Since then, it has invested more than $15 million in renovating the property's two buildings that have helped increase occupancy from 51 percent to 97 percent. Last summer, MRA constructed a third building, bringing the total amount of Class A space within Sunrise Business Center to 388,500 square feet. Terms of the loan extension were not disclosed.