Aegon USA provided the funding in a transaction arranged by James Gunning, a senior director in the New Jersey office of LJ Melody & Co., CB Richard Ellis' real estate banking arm. The permanent, fixed-rate loan carries a 20-year term and is self-liquidating.
The building is currently fully occupied by three tenants, David Lerner, Elizabethtown Gas and Farer Fersko. On-site parking capacity is just under 200 cars.
Melody last year generated more than $11 million in real estate financing transactions through its 33 offices, and currently maintains a servicing portfolio of more than 8,000 loans totaling $61 billion through affiliate Gemsa Loan Services LP.
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