Capstone Equities has secured a $43 million Goldman Sachs loan to refinance Franklin Avenue Plaza, a four-building office complex in Garden City, New York, Commercial Observer reported Monday, November 2. The financing replaces acquisition debt used when Capstone bought the property in 2025.
The Commercial Observer report says Goldman provided the loan as part of a larger commercial mortgage-backed securities transaction. The debt being replaced came from Argentic. The $43 million is a loan amount, not a newly announced purchase price for the buildings.
Newmark’s Daniel Fromm, Ryan Bub and Stavros Giannakopoulos arranged the transaction, according to the report. The property spans four addresses along Franklin Avenue in Garden City, an established Nassau County office market on Long Island.
The refinancing follows Capstone’s 2025 acquisition and its appointment of JLL to lead leasing at the complex. A September 2025 JLL announcement republished by Citybiz identified the buildings as 1205, 1225, 1305 and 1325 Franklin Avenue and listed a fitness center, conference facility, café and dry cleaner among the amenities.
That earlier announcement described an approximately 88% leased property, but the figure is historical and should not be read as a current occupancy update. Monday’s financing report did not provide a new leasing percentage, interest rate or loan maturity. Capstone did not respond to Commercial Observer’s request for comment.
The transaction changes the complex’s financing rather than its ownership. It gives Capstone replacement debt after the acquisition, but the disclosed loan amount alone does not establish the property’s current valuation or the terms available to other Long Island office borrowers.
JBizNews Desk | Garden City, New York
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