In the first, G.S. Wilcox closed a floating rate loan of $3.75 million with GE Asset Management with an initial rate of 3.52% for a 101,730-sf multi-tenant flex/industrial building in Piscataway, NJ. The loan has an interest-only period for three years, after which it will convert to 25-year amortization for the rest of the five-year term.
GE Asset Management also financed/refinanced several other properties, including $6.925 million in acquisition financing for a five-building, 153,000-sf flex/industrial portfolio in Hanover, NJ. The loan for the multi-tenant buildings, which have a 25% office finish, was placed with a nine-year fixed rate term and a 27-year amortization.
In Montvale, NJ, meanwhile, GEAM refinanced a 45,000-sf, two-story office building at 28 W. Grand Ave. in the amount of $3.4 million. The borrower constructed the building on 3.9 acres in 1986, and an affiliated entity is one of five tenants. GEAM financed three additional properties totaling 852,000 sf for the same borrower, with a total loan value of $31.44 million. Two of the single-tenant warehouse facilities are in South Brunswick, NJ, and the third is in South Hackensack, NJ.
GEAM also provided $4.4 million refinancing on a 10-year term with a 25-year amortization for a pair of flex/industrial properties totaling 96,000 sf in the Middlesex Business Park, Piscataway. The properties were 91% occupied at closing with leases out for signature for the rest of the space.
Finally, the Southern Farm Bureau provided acquisition financing of $3.825 million for two flex/industrial buildings totaling 78,000 sf in Eatontown, NJ. The loan was placed with a 10-year term and a 25-year amortization. The single-story buildings, which have a 25% office finish, are 100% occupied by 12 tenants.
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