Newmark Arranges $43M Goldman Sachs CMBS Refinancing for Capstone Equities' Garden City Office Complex
Newmark has arranged a $43 million refinancing on behalf of Capstone Equities for Franklin Avenue Plaza, a 488,835-square-foot office complex in Garden City, New York, the firm announced Nov. 9. Goldman Sachs provided the loan through a commercial mortgage-backed securities (CMBS) execution.
The refinancing replaces an existing loan provided by Argentic that financed Capstone Equities' acquisition of the property in 2025.
Newmark Team Behind the Capstone Equities Financing
Newmark Global Debt & Structured Finance Senior Managing Director Daniel Fromm arranged the financing, according to the announcement. Associate Director Ryan Bub and Analyst Stavros Giannakopoulos provided transactional support.
Franklin Avenue Plaza Property Details
Franklin Avenue Plaza is located at 1205–1325 Franklin Avenue in Garden City. The complex comprises four office buildings ranging from three to five stories. The loan equates to approximately $88 per square foot.
The property's tenant roster spans the financial services, legal and healthcare sectors and includes Merrill Lynch, Stifel and ShelterPoint. The complex is situated in the center of Garden City, near Nassau County's commercial and legal centers and nearby retail and dining. It is also close to the Garden City Long Island Railroad station, the Mineola station and the Meadowbrook and Southern State Parkways.
Nassau County Office Market Context
According to Newmark Research, Nassau County continues to account for the majority of Long Island's office leasing activity. Nassau captured 60.2% of Long Island's quarterly leasing volume in the third quarter of 2026.
Long Island's average asking rent reached $33.62 per square foot in the third quarter, up $0.29 from the prior quarter, while Nassau's vacancy rate was 11.2%. Other market data show variation by methodology: Colliers reported an islandwide availability rate of 10.2% and an average asking rent of $31.67 per square foot, up 3.3% quarter over quarter, with Nassau's average asking rent at $34.08 per square foot. CBRE reported 12.4% availability, negative quarterly absorption of 130,000 square feet and an average asking rent of $32.02 per square foot, with availability 100 basis points below the year-earlier level. Western Nassau was Long Island's tightest submarket, with 8.9% vacancy and an average asking rent of $40.79 per square foot.
CMBS Financing and Newmark Capital Markets Activity
A CMBS execution can provide longer-term, non-bank financing for a stabilized asset, with underwriting typically dependent on occupancy, tenancy diversification and in-place cash flow.
Newmark reported third-quarter 2026 revenue of $973.2 million, up 12.7% year over year. Commercial mortgage-origination fees declined 21.1% to $79.6 million, while investment-sales revenue rose 7.5% to $171.9 million, with global investment-sales volume up approximately 33% and U.S. volume up 31%.
About Capstone Equities
Capstone Equities is a New York City-based real estate private equity and investment firm founded in 2006. The firm specializes in opportunistic property acquisitions, distressed assets and non-performing loans across major domestic U.S. markets and in Europe. It is owned and managed by Joshua Zamir and Avi Kollenscher.
Since inception, Capstone has executed more than $2 billion of transactions across more than 5 million square feet of office space, more than 3,000 hotel keys and more than 300,000 square feet of industrial warehouse space. Its principals have also invested in real estate operating companies including Promotions Habitat, Rebel Hospitality, Portal Warehousing and Acre Solutions.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate advisor and service provider to institutional investors and other owners, global corporations and other occupiers, and lenders. For the twelve months ended June 30, 2026, Newmark generated revenues of more than $3.6 billion. As of June 30, 2026, Newmark and its business partners operated from more than 195 offices with more than 10,000 professionals across four continents.