The transaction was generated through an internal referral from Bruce Beegel, senior associate at CBRE, on behalf of Elie Tahari, Ltd., a men's and women's contemporary clothing designer and manufacturer. The five-year first mortgage has a floating rate instrument 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 very challenging time in the real estate capital markets, and after a lengthy marketing and closing process, we were able to procure a very favorable deal for our client, while helping them lay the groundwork for a new corporate lending relationship."
The single-tenant, owner-occupied 178,000-square-foot property was originally constructed in 1966 and purchased by the current owner in 2004. Between 2004 and 2006, the property underwent an extensive renovation program, which included an office component, a new roof, an HVAC system throughout the building and expansion of the mezzanine to a total of 80,000 square feet.
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