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WEST ORANGE, NJ-CB Richard Ellis’ Capital Markets Debt & Equity group recently arranged a $3-million, two-year, interest-only bridge loan for a 39,131-square-foot medical office building, which is located at 475 Prospect Ave. here. CBRE’s James Gunning and Donna Falzarano secured financing for the borrower, Prism Green Associates III, LLC, while Peoples United Bank acted as the lender.

Originally built in 1984, this former three-building complex 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, Prism 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 property is situated on Prospect Avenue, immediately adjacent to the 325,000-square-foot Essex Green Shopping Center and is also near Route 280 and the Garden State Parkway.

“We were able to obtain an interest-only loan at 300 basis points over LIBOR,” Gunning tells GlobeSt.com. “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.”

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