James Gunning, a senior director in LJ Melody's New Jerseyoffice, also located here, arranged the transaction. ArtesiaMortgage Capital provided the funding on behalf of RoseheartAssociates LLC, owner of the building. Roseheart is similarlylocally based. CB Richard Ellis, which has its main New Jerseyoffice in the building, has the leasing assignment for it.
"Current low rates in the market prompted the borrower todefease his existing, higher-rate loan, resulting in a transactionwhere defeasance and the new loan funding needed to occursimultaneously," according to Gunning. "Park 80 East is awell-managed asset that has displayed full occupancy over the pastseveral years."
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