In the transaction, Normandy and joint venture partners MorganStanley and Wafra Investment Advisory Group took the asset fromStellar Management and Brack Capital Real Estate. Barclays RealEstate Capital provided an $88-million loan to Normandy to completethe deal.
"Continental Plaza presented us with an outstanding opportunityto own one of the trophy properties of the Northern New Jerseymarketplace," says David Welsh, Normandy's managing partner. Welshco-founded the firm two years ago with Finn Wentworth, formerpresident of the YankeeNets, the holding company for the New YorkYankees, New Jersey Devils and New Jersey Nets, and the YEStelevision sports network.
"We will bring to the property a commitment of new capitalexpenditures," according to Welsh. "We anticipate elevating itsimage to new levels."
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