Newmark has locked in $280 million in financing for a 14-property Long Island office portfolio that ownership is steadily shifting toward medical use. The deal covers roughly 1.51 million square feet across Lake Success, Jericho and Melville, with funding provided by Nomura and Citi for a joint venture between TPG Angelo Gordon and The We’re Group.
Newmark's debt team, led by co-head Jordan Roeschlaub alongside Chris Kramer, Tim Polglase, Dan Axelson and Niv Shahmoon, structured the financing. Roeschlaub said, "The portfolio’s combination of durable cash flow, significant healthcare tenancy and compelling medical office conversion potential created a highly attractive financing opportunity," according to ConnectCRE.
The Portfolio And The Sponsors
The 14 buildings line some of Long Island’s core suburban corridors, mixing traditional office space with existing medical-office uses across Lake Success, Jericho and Melville. The ownership group is a joint venture between TPG Angelo Gordon and Long Island-based developer The We’re Group, both of which already control sizable holdings in the area.
Why Lenders Lined Up
Nomura and Citi stepped up to provide the financing, a sign that lenders are hungry for assets with strong healthcare tenancy and clear medical-conversion upside, as reported by ConnectCRE. Backdrop matters here: Newmark's Q1 2026 Long Island report shows office vacancy on the decline and asking rents hovering near historic highs, conditions that make well-located medical-office plays all the more appealing.
Deal Context
This is not the first major Long Island outing for this team. Newmark previously lined up a larger $350 million financing in 2021 for a 16-property Long Island portfolio on behalf of Angelo Gordon and The We’re Group, a deal that highlighted investor interest in suburban medical and well-leased office product, as noted in industry filings. That earlier loan, a securitized package led by Barclays and Citi, underlined ongoing capital appetite for suburban assets with room to reposition.
Taken together, the latest financing reinforces a broader Long Island storyline: owners are leaning into outpatient and specialty medical uses where both demand and rents have held steady. As this portfolio transitions, sponsors and lenders alike will be watching the conversion math closely while they recast traditional office space into healthcare hubs.
