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OLD BRIDGE, NJ-Vision Equities has picked up nearly $30.7 million in refinancing for its 212,000-sf, five-story class A Parkway 120 office building. Located at 90 Matawan Rd., the building takes its name from its proximity to Exit 120 of the Garden State Parkway. The funding takes out previous financing related to Vision Equity’s acquisition of the building in Sept. 2006.

As reported by GlobeSt.com, the Mountain Lakes, NJ-based Vision Equities acquired the property from Normandy Real Estate Partners for an undisclosed price. The building was built in 2002 as the intended HQ for Globespan Virata, but became surplus property when that company was acquired by rival Conexant. Normandy acquired the asset vacant in 2005 for a reported $23.5 million.

The latest financing was obtained from New York City-based GE Real Estate, specifically that company’s flexible fixed-rate finance program. According to information released by GE Real Estate, the loan was funded at a debt service coverage of close to a 1.0x DSC based on in-place NOI at closing for a deal that has immediate upside potential. The loan is interest-only for two years, with three one-year extension options. Other provisions include a flexible pre-payment schedule and no requirement for an MAI appraisal.

“Vision Equities understands this market and has been able to significantly improve occupancy levels for this asset,” says David Cohen, Northeast regional director for GE’s North America Lending Group. In the 18 months or so that Vision has had the building in its portfolio, it’s been able to boost occupancy from 47% to 79%, including new leases with Fragomen Del Rey, Healthnet and VSNL.

“GE Real Estate recognizes our ability to perform, and provided us with a low-cost, flexible fixed-rate loan despite the significant changes in the credit markets,” says Vision Equities’ managing partner Fred Arena, in a statement. “We appreciate their confidence in us.”

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