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PARSIPPANY, NJ-Funding adding up to more than $23.5 million has been arranged for office properties here and in Montvale, NJ. The two separate transactions were put together by Martin Klebanoff, SVP and regional manager of Legg Mason Real Estate Services’ Northern New Jersey regional office here.

In the first transaction, a structured finance loan of over $13 million was arranged for 2 Sylvan Drive, Parsippany, a 105,000-sf office building. The financing, based on a 15-year term with approximately 22-year amortization, was arranged for borrower 2 Sylvan Drive LLC through LMRES’ relationship with Legg Mason Wood Walker. The property’s major tenant is Securitas.

In the second, a $10.5 million mortgage loan was arranged for 50 Chestnut St., Montvale, NJ, an office building with a tenant roster that includes KPMG, BPBDK and Merrill Lynch. The borrower was 50 Chestnut Ridge Association LP. The lender was Allstate, and the loan carries a five-year terms with a 25-year amortization.

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