MONTVALE, NJ—CBRE Group's Capital Markets Debt & Structured Finance team has completed a $6.2 million first mortgage secured by 3 Paragon Drive, a class-A suburban office building in Montvale, NJ.

The CBRE team of James Gunning, Donna Falzarano and Evan Kleppe secured the five-year fixed rate loan with a regional bank on behalf of an investment fund managed by The Davis Companies in conjunction with its acquisition of the property. With new equity in the deal and near 100 percent occupancy by two globally recognized tenants, Pentax of America and Turner Construction, CBRE successfully negotiated a competitive rate and terms on behalf of the borrower.

3 Paragon Drive was developed in 1988 with a subsequent renovation in 2008. Shortly after the 2008 renovation, Pentax and Turner Construction leased space in the building.

The building is on 9.29 acres of land along the Garden State Parkway within a market with low vacancy rates and a strong demand for high-quality buildings conducive to mid-sized tenants.

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CBRE Completes First Mortgage Transaction for 3 Paragon Drive in Montvale, NJ

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