The class A office complex, located just off I-80 and adjacent to the Saddle Brook Marriott Hotel, is currently 95% leased to a variety of national and regional tenants. The two buildings have gone through a significant capital improvement and re-leasing effort over the past two years.
The financing was arranged by Cliff Mendelson, managing director of the Structured Finance Group of the Chicago-based Transwestern. His company has acquired more than $4 billion in assets in the US since its founding in 1996.
Aslan Realty Partners, meanwhile, is a $426.2 million equity fund sponsored by Transwestern. The fund closed in 1999 with a portfolio of more than 100 properties totaling 11.2 million sf.
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