(To read more on the debt and equity markets, click here.)
NEWARK-Owner Advance Realty Group has picked up $95 million inrefinancing for its One Gateway Center, a 500,000-sf, 26-story,class A office tower here. The financing, arranged by NorthMarqCapital, was based on a 10-year fixed-rate term and provided byIXIS Real Estate Capital.
"This was a terrific execution by Advance and IXIS, whichfollowed an $85-million bridge loan funded by IXIS during February2006," says Martin Klebanoff, SVP and co-managing director ofNorthMarq's regional office in Parsippany. "A new lease for morethan 100,000 sf was struck approximately four months after closingof the bridge loan, a testament of the market's dynamics, theowner's creativity and the lender's vision to mitigate all parties'risk by fixing the rate for the new permanent mortgage."
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