LIVINGSTON, NJ- Commercial Mortgage Capital, Mark Scott's company catering to the Tri-State that is based here, recently closed $55 million worth of loans with life company correspondents and investment banks.
“The transactions speak to the strength of the Tri-State market,” said Scott. He added that, “Office and industrial markets, which have traditionally been more sluggish than multifamily, are picking up some noticeable momentum.”
CMC arranged a $21-million loan for an office/research building at the Yonkers, NY, train station called iPark Hudson Building Three. Two other loans were secured for New Jersey properties.
The iPark building is part of a million-square-foot mixed-use project along the revitalized Yonkers Waterfront District. The recently renovated 152,149-square-foot structure is occupied by the City of Yonkers, ContraFect Bioscience and Y Enterprise. A $20-million project to daylight the Saw Mill River is under way directly in front of the property.
Also, Scott arranged:
- An $18-million, long-term, self-liquidating loan for a 400-unit apartment complex in Parsippany.
- A $16-million, 10-year self-liquidating loan for a 140,000-square-foot single-tenant office building in Florham Park.
The office loan was secured at a record low rate of 2.87%, Scott said. Florham Park has attracted major corporate office tenants such as Novartis, AT&T, BASF, PricewaterhouseCoopers, Realogy and Siemens.
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