"The borrower secured prepayment flexibility and an attractivespread to float over LIBOR," Gunning said in a company statement."This will make a recapitalization to long-term financing moreefficient once the property is fully stabilized and the creditmarkets recover."
Branchburg Center is a two-story building bordering Routes 22,614 and 679 and located less than five minutes from I-78 and 287.The property, which was renovated in 2002, boasts a 2,100-sfcafeteria, and is home to Hewlett Packard and Ortho Biotech. At thetime of financing, the property was 85% occupied. Calls seekingfurther comment were not returned as of press time.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
