X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RAHWAY, NJ-Denholtz Associates, based here, has picked up a $105-million refinancing package from New York City-based GE Real Estate, covering a multi-building portfolio in New Jersey. The money will be utilized as part of an ongoing recapitalization strategy based on refinancing certain assets in the company’s portfolio, initiated in 2006 when Denholtz formed a partnership with Rothschild Realty.

The identities of the specific properties were not released. According to information released by GE Real Estate, the portfolio consists of nine commercial properties, mostly of the class B variety, totaling more than one million sf, located in a half-dozen different submarkets within the state. The assets range in size from 33,000 sf to 166,000 sf, are home to 225 tenants and combined were 84% occupied when the refi closed.

The refi is also the second major deal between Denholtz and GE Real Estate. As reported by GlobeSt.com, the latter committed $168 million to Denholtz in 2006, a package secured by a 23-asset, 2.3 million-sf office/flex portfolio. Denholtz has since sold six of those properties and GE has modified the loan to extend more dollars, tied to the operating performance of the remaining collateral pool.

“We know we can count on GE for flexible balance sheet financing,” says Stuart Green CIO for Denholtz. “We look forward to collaborating again on acquisitions of other multi-tenant commercial properties throughout the Eastern US.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.