CBRE Group, Inc.'s Debt & Equity Team Completes Finance Transaction for Suburban Office Building
By Mel Fabrikant Wednesday, September 11, 2013, 06:19 PM EDT
CBRE Group Inc., New Jersey’s largest commercial real estate brokerage firm, announced today that its Debt & Equity Finance Group recently completed the financing of 560 Sylvan Avenue, a 170,351-square-foot office building in Englewood Cliffs, N.J.
The CBRE team of James Gunning, Donna Falzarano, and Evan Kleppe, secured a $15 million fixed rate loan to refinance existing debt with a regional commercial bank on behalf of Goodrich Executives, LLC. The fixed rate loan has a 10-year term with a 25-year amortization schedule.
Goodrich is refinancing its existing debt with favorable terms from the regional commercial bank. The robust rent roll and high level of historical occupancy were factors in providing Goodrich with a non-recourse, competitive 10-year fixed rate loan term.
Constructed in 1967 and extensively renovated in 2005, the Class-B office building is leased to 110 tenants, many of whom have been in occupancy for more than 20 years. The owner has consistently retained a high level of occupancy of not less than 85%, typically more. The building is located in the Palisades submarket and is ideal for commuters from New Jersey and New York.