GE Financial Assurance, the life insurance arm of General Electric, provided the money for the separate transactions. "GE Financial Assurance is one of 10 life insurance companies that we are a correspondent for in the New Jersey/New York area," according to Wilcox.
Three of the transactions were with one borrower, whose identity was not disclosed. Refinancing totaling $10,015,000 was provided for the three properties, according to Wilcox. The first property was a 128,000-sf manufacturing and warehouse building with rail access in Lyndhurst, NJ. The second, a 91,000-sf manufacturing and warehouse building with rail access, is located in New Brunswick, NJ. The third property was a 30,500-sf multi-tenant office building in Kinnelon, NJ.
"All three of the loans have an interest rate of 6.35%, which was locked at application," Wilcox says. "The fixed-rate financing was provided with a seven-year term and 15-year amortization."
The fourth recent loan transactions was an acquisition financing provided for the purchase of a 115,095-sf industrial building located in the Meadowlands industrial submarket in Lyndhurst, NJ. The borrower in this case was also not identified. The property, located on Valley Brook Ave., is near Routes 3 and 17. "This loan was placed with a fixed seven-year interest rate and has a 25-year amortization schedule," according to Wilcox.
All four loans were placed by Wilcox with the help of Albert Raymond, the firm's vice president of underwriting, and Joe Smerdon, senior vice president of loan closing and servicing. G.S. Wilcox & Co. is a commercial mortgage banking firm servicing more than $450 million of debt for its corresponding lenders.
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