The funding, which is being provided by Principal Capital, also represents the first debt deal done by FSG's new mortgage service. The loan is a LIBOR-based, floating-rate mortgage with a going-in rate of 4%. A short-term package, it has minimum amortization.

"We looked at a number of options, with both fixed and variable rates, before choosing the final package," explains C&W's Sam Kirschenbaum, a 22-year industry veteran who joined the company recently as its first in-house mortgage broker. "Today's low interest rates, both on a fixed or floating rate basis, provide a variety of finance opportunities. Our main goal is to help our clients determine the most attractive debt structure to enhance their purchase."

Ivy Equities, formed in 1996, targets undervalued, high-grade income-producing commercial properties to buy and manage. The latest acquisition bumps the company's existing portfolio up past the two million-sf mark, according to its chief investment officer, John Saraceno. It also marks Ivy Equities' first venture involving the industrial sector.

As far as the recent sale itself, the seller of the four assets on McKee Drive here was Frank A. Greek & Son, a local group. Sale price for the portfolio, which is nearly 100% occupied by warehouse and distribution operations, was in the $23.5 million range. The seller was represented in the transaction by the Trammell Crow Co., while buyer Ivy Equities was represented in-house.

"Cushman & Wakefield's FSG has represented us in negotiating a number of property acquisitions," according to Saraceno. "Incorporating debt services into its offerings is a logical extension that we utilized for the McKee Drive purchase."

Founded in 1987, C&W's Metropolitan Area FSG specializes exclusively in real estate investment banking, including joint ventures and financing. The group's marketplace includes Northern New Jersey; Fairfield County, CT; and Long Island and Westchester County, NY.