PRINCETON, NJ-GHP Office Realty has obtained a $13.32-million permanent loan that will be used to refinance its 29 Thanet Circle, a 53,000-sf office building here. The loan was placed by Gus Costaldo of Houlihan-Parnes/iCap Realty Advisors, of which GHP Office Realty is the office building division. Both are based in White Plains.
According to Costaldo, the loan consists of an interest-only, fixed rate of 5.8%, or 96 basis points over the 10-year US Treasury, with a 10-year term. The funding represents 80% of the appraised value of the building.
As reported by GlobeSt.com, GHP completed the lease-up of the once-vacant building in December, signing consumer products giant Church & Dwight, which makes such brands as Arm & Hammer, to a 41,220-sf deal. Church & Dwight, which has its headquarters across the street and needed the space for overflow, signed on for 16 years with two five-year options.
GHP bought the two-story building vacant in early 2004 and subsequently spent upwards of $10 million on a 100% renovation. The latter project was completed last year, just prior to Church & Dwight's signing.
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