CBRE CAPITAL MARKETS ARRANGES $10 MILLION FOR FIRE ISLAND PINES PORTFOLIO

FIRE ISLAND PINES, N.Y. — CB Richard Ellis (CBRE) Capital Markets has arranged $10 million in acquisition financing for a portfolio of commercial real estate properties and operating companies located in Fire Island Pines, Long Island. The 35,200-square-foot portfolio consists of approximately 75 percent of the town's commercial space, including a hotel, a marina, office space, 8,300 square feet of restaurant and bar space, and approximately 14,000 square feet of retail space that includes the Pavilion nightclub, The permanent loan carries a 9 percent interest rate, a 36-month term with interest-only payments and a 60 percent loan-to-value ratio. Efrat Sharon of CBRE Capital Markets' New York City office secured the financing on behalf of the undisclosed borrower. The lender was a local bank.