ISELIN, NJ—NGKF Capital Markets has brokered the sale of a $46.7 million non-performing commercial mortgage loan collateralized by 499 Thornall Street in Iselin, NJ. The property is a 260,120 square-foot, class A office building in Metropark Corporate Campus II, one of New Jersey's most sought-after submarkets.The holder of the note, Garrison Onyx, a partnership of Garrison Investment Group and Onyx Equities, retained NGKF Capital Markets to conduct the sale and solicit bids for the loan.

Executive managing director Steven Schultz, managing directors Tony Georgiev and Josh Malka, and leasing expertsHope Brodsky and vice chairman David Simson led the marketing and execution of the loan sale.

"Carrying out the sale process on the open market clearly helped achieve the favorable outcome for our client," Schultz says.

The collateral is an 11-story office building that NGKF says is ready to take advantage of the demand for space in one of the most active submarkets of New Jersey. New York Life, BASF, Ernst & Young and Citi Bank are among the large companies represented in the Metropark area. 499 Thornall Street is walking distance to rail service via Metropark Train Station, provides easy access to the Garden State Pkwy, the New Jersey Turnpike, Routes 1, 9, 287 and 440, and is less than a 20-minute car ride from Newark Liberty International Airport. With renovations in 2006 and 2011, the property offers a full-service café, fitness center with locker rooms and showers, plaza and lobby seating areas and an on-site heliport. In addition, the building benefits from numerous nearby restaurants, hotels, shopping centers and malls.

"We are extremely pleased with NGKF's professionalism and sale process which at the end of the day clearly helped us in achieving the highest and best result," says John Saraceno Jr. of Onyx.

"The timing of this transaction exceeded our expectations and business plan," says Eric Rosenthal of Garrison Investment.