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PRINCETON, NJ-GHP Office Realty has obtained a $13.32-millionpermanent loan that will be used to refinance its 29 Thanet Circle,a 53,000-sf office building here. The loan was placed by GusCostaldo of Houlihan-Parnes/iCap Realty Advisors, of which GHPOffice Realty is the office building division. Both are based inWhite Plains.

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According to Costaldo, the loan consists of an interest-only,fixed rate of 5.8%, or 96 basis points over the 10-year USTreasury, with a 10-year term. The funding represents 80% of theappraised value of the building.

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As reported by GlobeSt.com, GHP completed the lease-up of theonce-vacant building in December, signing consumer products giantChurch & Dwight, which makes such brands as Arm & Hammer,to a 41,220-sf deal. Church & Dwight, which has itsheadquarters across the street and needed the space for overflow,signed on for 16 years with two five-year options.

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GHP bought the two-story building vacant in early 2004 andsubsequently spent upwards of $10 million on a 100% renovation. Thelatter project was completed last year, just prior to Church &Dwight's signing.

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