FAIRFIELD, NJ-GRE Greenbrook LLC, which recently acquired the 201,305-sf Greenbrook Executive Center here from an investment group, has obtained $32.4 million of senior and joint venture equity funding to finance that acquisition. The funding was arranged by Gregory Nalbandian, vice president, and James Poole, co-managing director of the Parsippany office of NorthMarq Capital.
The financing consists of a first mortgage of $21.3 million and joint venture equity of $11.1 million. The senior financing consists of a 10-year term with a call option at the end of five years and a five-year interest-only period. NorthMarq arranged the funding through its relationship with Allianz Life Insurance Co. of North America.
"Allianz moved swiftly through this acquisition to beat the CMBS players in pricing, while providing a life insurance company execution that the borrower wanted," Nalbandian says.
Located in North Jersey's Route 46/23 submarket, Greenbrook Executive Center marks the initial acquisition for GRE Greenbrook, a new value-added office venture. Major tenants in the building include Information Resources, Bleakley Dwyer Cooney and the main New Jersey office of Grubb & Ellis.
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