The sale closed with the help of a nearly $9-million permanent loan obtained from GE Real Estate by ABM Edison. The 10-year mortgage was structured on a 30-year amortization schedule at an interest rate of 5.73%.
"We completed this acquisition financing at 80% of cost," says Donna Falzarano, vice president of CB Richard Ellis Debt & Equity Finance, who teamed with senior director James Gunning to arrange the financing. "ABM Edison was able to buy the asset at an 8% cap rate and secured its long-term financing at a rate that was substantially below market at the time of closing. Despite market volatility, the lender held the low spread for several days beyond the 60-day rate lock."
The two-story Executive Ten was fully leased at the time of closing. Besides the Ukrainian National Association, its tenant roster includes Coldwell Banker Realtors, Dialysis Associates, the New Jersey Department of Health, Complete Pediatrics, Omni Eye Services, and the US General Services Administration, among others.
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