Real Estate Journal — Financial Digest — February 10 - 23, 2017 — 7A
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F inancial D igest James Gunning, Donna Falzarano and Stephen Joseph secure attractive bridge loan CBRE Capital markets arranges $24m in bridge financing for class A office building in hanover, NJ
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ANOVER, NJ — CBRECapital Mar- kets ’ Debt & Struc-
ing loan on the property set to mature, Ravine Development faced the challenge of finding a capital provider that would underwrite a loan for the property during its temporary vacancy. Following an extensive marketing program to doz- ens of national and regional banks, James Gunning , Donna Falzarano and Ste- phen Joseph of CBRE’s Saddle Brook, New Jersey office secured an attractive bridge loan from The Provi- dent Bank of New Jersey. The loan was structured to include good news funding
for tenant improvements and leasing commissions that will go into effect once a tenant for the property has been identified. Located at the interchange of Rte. 24, just minutes from Interstates 287 and 80, 10 Park Ave. provides conve- nient access to public tran- sit options and Morristown Municipal Airport. With its proximity to Morristown’s central business district, the property is ideally situated in a thriving urban/suburban environment that has seen explosive growth over the past decade. n
tured Finance team has ar- ranged a $24 million bridge loan on behalf of Ravine Development Company to refinance 10 Park Ave., a va- cant 154,776 s/f class-A office building in Hanover. Built in 2001, 10 Park Ave. is an amenity-rich office prop- erty, with executive parking, a 376-person full-service caf- eteria, an on-site fitness cen- ter and a multi-media room. The property housed Met- ropolitan Life’s international, fixed-income investment divi- sion for 13.5 years, until the tenant moved to Metlife’s new global headquarters at the termination of its lease in October 2016. With an exist- G.S. Wilcox & Co. secures over $12m in financing in two recent transactions WAYNE, NJ — G.S. Wil- cox & Co. has secured more than $12 million in financ- ing tied to two recent trans- actions. The Morristown- based mortgage banking firm announced that president Gretchen Wilcox , along with principal Al Raymond , arranged the financing on behalf of its developer cli- ents. The largest transaction was $10 million, which was secured for a 311,813 s/f ware- house distribution center in Wayne, NJ (shown). “This transaction repre- sents a long standing bor- rower/lender relationship which G.S. Wilcox & Co. has managed for two decades, financing millions of square feet. Given this relationship, the lender was able to get comfortable with the risk as- sociated with the transaction and put an acceptable miti- gant in place” said Raymond. The second transaction con- sisted of a $2.75 million loan to a refinance a warehousing facility located in Somerset, NJ. n
10 Park Ave.
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