Wilcox Arranges $31M in Financing

In the largest of the transactions, the firm's David Fryer, working on behalf of developer Whitesell Construction Co. of Delran, NJ, arranged a $13.2-million financing package covering four warehouse/flex buildings in Southern New Jersey totaling 307,414 sf. The funding came from the Minneapolis-based Thrivent Financial for Lutherans. Of the total, $10.2 million has been committed for the first three buildings, and the remaining $3 million will fund once the fourth building is actually completed and occupied.

"The properties were continuing in the lease-up at the time of the loan commitment," according to Fryer. "Thrivent Financial was so comfortable with the Whitesell organization that they were able to commit and close on the loan prior to stabilization."

In the second largest of the transactions, Gretchen Wilcox, president of the 10-year-old company that bears her name, arranged funding of $12.8 million for a 132,102-sf multi-tenant office building on Sylvan Avenue in Englewood Cliffs, NJ. Financing for the class A building was secured for the borrower, a local ownership group, through GE Asset Management of Stamford, CT.

"This was a refinance of an existing loan serviced by our firm," says Wilcox. "It allowed the borrower to lower their interest rate and provided additional funds."

The other four transactions, totaling $8.2 million, were arranged through the New York-based StanCorp Mortgage Investors. They include a $1.5-million loan for a warehouse property located in Clifton, NJ; $4 million in funding for a 760,000-sf multi-tenant industrial building in Paterson, NJ; $1.8 million for a retail property in Runnemeade, NJ; and a $950,000 loan for a retail property in Paramus, NJ. Further details of the transaction were not disclosed.