The transaction was generated through an internal referral fromBruce Beegel, senior associate at CBRE, on behalf of Elie Tahari,Ltd., a men's and women's contemporary clothing designer andmanufacturer. The five-year first mortgage has a floating rateinstrument that was swapped to a 5.47% fixed-rate coupon. The 60%refinancing package was provided by a large commercial bank.

According to Gaccione, "The existing loan matured at a verychallenging time in the real estate capital markets, and after alengthy marketing and closing process, we were able to procure avery favorable deal for our client, while helping them lay thegroundwork for a new corporate lending relationship."

The single-tenant, owner-occupied 178,000-square-foot propertywas originally constructed in 1966 and purchased by the currentowner in 2004. Between 2004 and 2006, the property underwent anextensive renovation program, which included an office component, anew roof, an HVAC system throughout the building and expansion ofthe mezzanine to a total of 80,000 square feet.