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SADDLE BROOK, NJ-CB Richard Ellis’ Capital Markets Debt & Equity group recently arranged a $12.25 million permanent fixed-rate mortgage for acquisition on behalf of the borrower Marcon Roseland LLC. This ten-year, fixed rate mortgage, which was funded by a Connecticut-based commercial bank, facilitated the acquisition of a 128,034 square foot, four-story, class A office building located at 425 Eagle Rock Ave. in Roseland. CB Richard Ellis’ James Gunning and Donna Falzarano were responsible for securing the financing.

“This was a collaborative effort of CBRE’s Capital Markets group,” Gunning says. “The Debt & Equity Finance team represented Marcon Roseland LLC, while the Tri-State Investment team represented the seller, Principal Financial Group.” He adds, “The client received an excellent rate and terms, and the lender closed expeditiously, within 30 days of the signed application.”

Located off of Interstate 280, 425 Eagle Rock is situated within the Borough of Roseland, an affluent residential area that has experienced significant population growth due to its proximity to major metropolitan areas.

The building features state-of-the-art amenities, including marble and glass features, as well as a stable cash flow with upside potential and a quality tenant roster. 425 Eagle Rock Ave. was 90% occupied at the time of this closing.

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