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WEST ORANGE, NJ-CB Richard Ellis’ Capital Markets Debt & Equity Group arranged $3 million in bridge financing for a medical office building here. CBRE’s James Gunning and Donna Falzarano represented the borrower, Prism Green Associates III LLC. Peoples United Bank was the lender.

Originally built in 1984, this former three-building complex at 475 Prospect Ave. was purchased by Prism Green in 2005. After the purchase, the owner demolished two of the three buildings, leaving the remaining 39,131-square-foot, two-story office property. Since then, the owner has completed renovations to the facility’s lobby, elevators and tenant areas in order to position it as a premier medical office property. At the time of closing, the building was 50% leased to Omni Eye Specialists PA for a 15-year term.

The two-year, interest-only bridge loan was structured at 300 basis points over Libor. “The short-term, low-interest loan gave the borrower the working capital required to continue with the project and the freedom to secure longer term debt in the near future without incurring onerous prepayment penalties,” says Gunning, in a statement.

This property is adjacent to the 325,000-square-foot Essex Green Shopping Center and is minutes from Route 280 and the Garden State Parkway.

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