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PARSIPPANY, NJ-Ivy Equities of Montvale and the Plymouth Meeting, PA-based Urdang Capital Management have obtained a $25.15-million loan for a four-building office portfolio here. The deal was arranged by Jay Marshall of the New York City office of Holliday Fenoglio Fowler, and the money came from Babson Capital Management.

According to Marshall, who worked on behalf of the borrowers, the three-year loan carries an adjustable rate. The 65% leveraged loan will be utilized to take out an existing mortgage, as well as to fund tenant improvements and leasing costs.

The four assets, all located near the intersection of Interstates 80 and 287, include 4 Wood Hollow Rd., a one-story, 68,096-sf building that’s currently 78% occupied. The three-story, 73,447-sf 10 Lanidex Plaza is 77% occupied, while the three-story, 55,000-sf 30 Lanidex Plaza is fully occupied. Finally, the three-story, 79,574-sf 299 Cherry Hill Rd. is 51% occupied.

“The average rents in this portfolio are below both the overall and the class B market rates in Parsippany, which should appeal to users that want attractive space at lower price points,” Marshall says. “The structural flexibility provided by a life insurance company was critical to the borrower’s business plan of stabilizing the portfolio occupancy in the next 12 to 18 months.”

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