AM Property Holding Secures Financing for 200,000-Square-Foot Long Island Technology Center
Strategic Financing and New Leadership Position 1025Connect for Accelerated Growth
WESTBURY, N.Y.--(Business Wire / Korea Newswire) October 29, 2019 -- AM Property Holding Corp. announced the successful completion of a $21 million credit facility for 1025OCR, its 200,000-square-foot Technology Center located at 1025 Old Country Road in Westbury, New York. The transaction was led by Metropolitan Bank and Steel Harbor as part of a recapitalization and strategic financing program to drive accelerated growth at 1025OCR and 1025Connect, the premier carrier-neutral interconnection facility with direct access to submarine cable systems and terrestrial fiber networks located at 1025OCR.
“This financing positions us to drive accelerated growth for our 1025OCR technology campus and capitalize on the robust demand that we are seeing for colocation and interconnection at 1025Connect,” stated Jeff Wasserman, Chairman of AM Property Holding. “In addition to the substantial investments that we are making in facilities and infrastructure, we have significantly enhanced the leadership team at 1025Connect with the recent appointments of Frank Zachmann as Executive Director and John Danko as Director of Business Development.”
1025OCR will use the new capital to improve its facility and the operations of the Technology Center. The company plans to construct a new building entrance with direct and controlled access to 1025Connect inside the building with a new main office; add capacity and improve resiliency of its power and cooling infrastructure; and enhance the security access control system and protocols to support industry required certifications.
1025Connect is the premier colocation interconnection facility on Long Island with more than 15 carriers and service providers available in the building, including Altice/Lightpath, Aqua Comms, CenturyLink, Crown Castle, DE-CIX Internet Exchange, Epsilon and Verizon. Situated at one of the most eastern points of the United States, 1025Connect delivers direct access to multiple submarine cable systems connecting North America, Europe and Latin America, with the ability to bypass Manhattan fiber routes for greater network redundancy and diversity.
Bank Street Group, a private investment banking firm serving growth companies in the communications, media and technology sector, serves as exclusive financial advisor to AM Property in connection with its financial and strategic initiatives for 1025Connect.
1025OCR owns 1025 Old Country Road in Westbury, New York. The building is a 200,000-square-foot commercial property. This multifaceted property offers commercial office space, a colocation/data center, a business accelerator, roof access for wireless, a CLEC and disaster recovery pods. The property is managed by AM Property Holding Corp.
1025Connect is Long Island’s premier network neutral Carrier Hotel Meet Me Room (MMR) for network interconnection and colocation, located at 1025 Old Country Road, a 200,000 square foot building in Westbury, New York. This facility is renowned for its ability to connect global subsea cable systems to terrestrial networks, and also provide the capability to bypass Manhattan for greater network diversity. 1025Connect serves as host to the easternmost peering point in the New York metro area, enabling easier access and delivery of content distributed to the “Continental Edge.” All without monthly recurring cross connect fees. Visit www.1025connect.com for further information.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191028005151/en/
iMiller Public Relations for 1025Connect
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