WAYNE, NJ-The Stro Cos. has picked up a $5-million permanent debt loan for its newly constructed 50,000-sf 60 Owens Dr. here, a financing package that replaces interim financing used to build the facility. Located on seven acres adjacent to Stro's existing Wayne Hills Business Campus, the new building is also near the headquarters of Valley National Bank, Toys R Us and GAF.
The 22-year self-liquidating mortgage was provided by Aegon USA Realty Advisors at a rate of 6.3%. The deal was arranged by senior director James Gunning and vice president Donna Falzarano of CB Richard Ellis Debt & Equity Finance, Saddle Brook.
"The Stro Cos.' development expertise with this type of property, combined with the strength of the local market, allowed the borrower to obtain favorable financing before the lease-up of the property was completed," Gunning says. The single-story flex/industrial building is currently 65% preleased. The building's available space is currently listed on the Stro Cos.' website as divisible to suites of 2,000 sf to 4,000 sf, with asking rents cited as "negotiable."
The Stro Cos., based in Ridgewood, is a 13-year-old flex/industrial development firm that derives its name from the first name of co-founders Steve Millstein and Robert Bernard. The company's existing Wayne Hills Business Campus is one of the largest flex/industrial parks in Northern New Jersey, and it has similar projects in Paterson and Woodbridge. Stro also has residential investments in several states.
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