The borrower was PMW Associates LLC, and the funding was arranged by LMRES through its relationship with a national CMBS provider, who was not named. According to Klebanoff, "this is the third time in the last four years that we arranged financing for Morris Business Campus.
"In 1999, we arranged the original participating mortgage of $23 million, which subsequently was refinanced through a LMRES-arranged bridge financing of $30 million," he explains. "Now, because of the property's enhanced performance and value, we were able to arrange this permanent financing of $36.5 million.
"This history is a good example of a classic real estate story of 'creation of value'," Klebanoff says. "We are pleased to have played a part in adding value to the Morris Business Campus."
Major tenants at the property are Atlantic Health Systems, the industrial company Foster Wheeler and insurer Travel's Indemnity. For its part, LMRES is a wholly owned subsidiary of Legg Mason Inc., the Baltimore, MD-based financial and consulting services company.
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