The transaction was arranged by James Gunning of the Paramus, NJ office of L.J. Melody & Co., the Houston-based real estate investment banking firm. The money was provided by Aegon, the Netherlands-based international insurance holding company that has its US headquarters in Baltimore.
"These assets are extremely well located," Gunning says. "The lender was comfortable financing the 30-year-old buildings because of their historically high level of occupancy and the borrower's expertise in maintaining and managing the properties.
L.J. Melody, a CB Richard Ellis company, has arranged $16 billion in commercial real estate transactions nationally over the last two years.
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