The office tower has already been leased to the State StreetCorp. as the sole tenant. The project is expected to be completedand ready for occupancy by the end of year 2003. Scott Rombach ofGMACCM tells Globest.com that there are three borrowers on the loanincluding Gale & Wentworth, Morgan Stanley Real Estate Fundsand the State Teachers Retirement System of Ohio. When askedwhether it was difficult to arrange the loan in a changing businessclimate Rombach says "these developers are people GMACCM has workedwith before". Red Bank, New Jersey office senior vice presidentBill Kitley arranged the loan.
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