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MIDDLETOWN, NJ-Pyramid Equities has obtained $15.2 million in financing for its Independence Plaza II and III office buildings here. The funding was arranged for the Woodbridge-based Pyramid by senior managing director Jon Mikula of the Florham Park office of Holliday Fenoglio Fowler and placed with CIBC World Markets. According to Mikula, a portion of proceeds of the long-term, fixed-rate loan is being used to refinance an existing loan on the Plaza II building, and the rest is being used as a construction/permanent loan for the Plaza III building.

“This financing enabled our client to take advantage of the flat yield curve and lock in a fixed-rate construction/perm in combination with a refinance,” Mikula says.

Plaza II, also known as Investors Plaza, is a 42,000-sf building at 310 State Highway 35, and Plaza III is a 40,000-sf building at 322 State Highway 35 in this Monmouth County community. Plaza II, which sits on four acres, is a three-story, L-shaped property that was completed in 2002. Plaza III, which occupies just less than four acres, is currently under construction and slated for completion in February 2007. Both buildings are 100% leased on a long-term, triple-net basis to Investors Underwriting Managers Inc., which uses the site as its headquarters.

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