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HFF represents Mack-Cali Realty Corporation in sale of 203,506 s/f building HFF closes $81.4m sale of Parsippany, New Jersey class A office building

ISSUE HIGHLIGHTS Volume 27 Issue 14 July 31 - August 13, 2015

ARSIPPANY, NJ — Holliday Fenoglio Fowler, L.P. (HFF) announced that it has closed the sale of 14 Sylvan Way, a 203,506 s/f, class A trophy office building in Parsippany. HFF represented the seller, Mack-Cali Realty Corpo- ration , in the transaction. The buyer, Griffin Capital Essential Asset REIT II, Inc. (“GCEAR II”), a non-traded REIT sponsored by Griffin Capital Corporation (“Griffin Capital”) purchased 14 Sylvan Way for $81.4 million. In addi- tion to the sales price, GCEAR II is assuming responsibility for additional tenant improve- ment allowance obligations. 14 SylvanWay was complet- ed in 2013 as a build-to-suit for the corporate headquarters of Wyndham Worldwide Opera- P NORTH PLAINFIELD, NJ — Meridian Capital Group arranged $52.8 million in acquisition f i n a n c i n g for the pur- chase of the Greenbrook Gardens mul- tifamily prop- erty located in North Plain- field, NJ on behalf of SDK Apartments. The $52.8 million loan, pro- Judah Hammer

ties including a cafe, training center, employee lounge and a resort-style courtyard. 14 Sylvan Way is situated on a 23.15-acre site within the Mack-Cali Business Campus adjacent to 22 Sylvan Way, which is the second half of the tenant’s headquarters campus purchased by another non-traded REIT sponsored by Griffin Capital in 2014. This location provides easy access to I-287 and Rte. 10 in north- ern New Jersey. The HFF investment sales team representing the seller was led by senior managing director Jose Cruz , managing director Kevin O’Hearn , se- nior analyst Marc Duval and supported by senior managing director Andrew Scandalios and associate director Ste- phen Simonelli . n

SPOTLIGHT Commercial Brokerage Directory Section C Architects & Engineers

14 Sylvan Way

tions, a subsidiary of Wynd- ham Worldwide Corporation, which leases the entire facil- ity. The three-story property has received LEED Gold des-

ignation in Commercial Inte- riors. The common areas were designed to match those of a five-star Wyndham resort and tenants have access to ameni-


Meridian Capital Group arranges $52.8m in acquisition financing for GreenbrookGardens

For speaking and sponsorship information, please contact: Linda Christman at 781-871-3456 or lchristman@marejournal.com SEPTEMBER 10, 2015 NJ Apt./ Multifamily Conference OCTOBER 16, 2015 NJ Capital Markets Summit UPCOMING CONFERENCES 2015 SCHEDULE:

vided by a regional balance sheet lender, features a com- petitive fixed-rate of 3.50%, two years of interest-only payments and a seven-year term with a five-year option. This transac- tion was negotiated byMeridian vice president, Judah Ham- mer and managing director, ZevKarpel , who are both based in the Company’s NewYorkCity headquarters. Greenbrook Gardens, a 35-building, 407-unit multi- family community, is located in Somerset County at 1275 Rock Ave. in North Plainfield. The property features a swimming pool, tennis court and on-site laundry facilities as well as ac- cess to Route 22, I-287 and I-78. “In such a rapidly moving interest rate environment, Me- ridian was able to capitalize on our relationship with the lender and a drop in treasuries to lock this seven-year loan at the bot- tom of the market and then hold the rate until the acquisition closed,” said Hammer. “Addi- tionally, we achieved a loan-to- cost above 75% with a regional balance sheet lender based on the strength of the sponsor and equity going in,” addedKarpel. n


Shopping Centers................................. 3-11A Business Cards/Billboards.....................IBC-A Owners, Developers & Managers ..... Section B Green Buildings .............................. 29-33B

Upcoming Spotlight August 14, 2015 MULTIFAMILY FINANCING


Greenbrook Apartments

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