Nearly 7-acre Melville industrial property secures $4M refinancing

The owners of an 80,000-square-foot industrial building at 80 Ruland Road in Melville turned to Commack-based Racanelli Realty Services to finalize a $4 million refinancing, Long Island Business News reported. Assurant Real Estate, a unit of Assurant Asset Management, provided the loan for the 6.9-acre industrial property, half of which is owned by 180 Oval Drive Associates and N&J Realty, respectively. LIBN noted that some members of the Racanelli family, which has longstanding development ties on Long Island, own part of N&J. Cosmetics giant Estée Lauder has leased the Melville property has a warehouse for its products. [LIBN] — Brian Baxter