TOTOWA, NJ-Totowa Business Center has received a $16.2 million refinancing package. The 225,654-sf office/industrial building sits on 16.3 acres here.
In that deal, Holliday Fenoglio Fowler's senior managing director Jon Mikula and managing director Tim Breda worked on behalf of 930 Riverview Associates LLC, a group made up of tri-state real estate investment firms. The 10-year, fixed-rate financing was arranged through Nationwide Life Insurance Co. Built in 1960 and renovated five years ago, the building "is fully leased to a tenant base comprised mostly of investment-grade credit entities on longer term leases," according to Mikula. The firm's New Jersey office, here, teamed up with the Hartford, CT office.
In a separate transaction, HFF's New Jersey and New York offices teamed up to arrange $9.7 million in permanent financing for 25 Lindsley Dr., a 76,000-sf, three-story office in Morristown, NJ. Working on behalf of 25 Lindsley Associates LLC, Mikula and managing director Robert Delitsky secured a 10-year, fixed-rate securitized loan carrying a 30-year amortization and a loan-to-value of 80%, through Bank of America CMBS Capital Markets. Occupying 37,000 sf, C3i is the major tenant at the 95% occupied site. The provider of IT services for the life sciences industry uses the location as its headquarters.
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