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SECAUCUS, NJ-333 Meadowland Parkway LLC has obtained a $12.8 million first mortgage for its recently acquired office building of the same name. As reported by GlobeSt.com, the borrower, a partnership of Bergman Real Estate of Woodbridge, NJ and Edison Investment Advisors, bought the 136,375-sf building this past summer from Hartz Mountain Industries for $14.2 million, which computes as $104 per sf.

The financing was arranged by Richard Koch, a vice president in the Parsippany, NJ office of NorthMarq Capital Inc. According to Koch, the financing was based on a 10-year term with a 30-year amortization schedule and was arranged through NorthMarq’s relationship with a conduit lender.

Located on a seven-acre site within Hartz Mountain’s Harmon Cove mixed-use development in the Meadowlands, 333 Meadowland Parkway was built in 1981. Hartz spent $2 million to upgrade the asset before selling it to the Bergman/Edison pasrtnership.

The tenant roster is headed by Springer Verlag, Bank of New York, Control Building Services and St. Jude Medical Center. It was approximately 25% vacant when it changed hands in July, and the lender structured a $1.6 million earn-out, according to Koch. “The lender gave the borrower a great earn-out structure, which will allow them to maximize leverage as they create value in the asset.”

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