WARREN, NJ—Cushman & Wakefield helped Normandy Real Estate Partners and Greenfield Partners to arrange $80.7 million of financing secured by Center 78, 184 Liberty Corner Road in Warren, NJ. The 10-year, fixed rate financing was provided by Natixis Real Estate Capital. Cushman & Wakefield negotiated attractive terms for the transaction, including loan proceeds (about $218 per square foot), an interest-only period and competitive reserve structuring, all of which fulfilled the sponsor’s needs.
“This was great timing to be in the market with such a strong asset and sponsor. The lending community expressed robust interest and we secured a strong execution,” says John Alascio, executive director of Cushman & Wakefield Equity, Debt & Structured Finance.
“The credit tenancy and institutional sponsorship were highly attractive to lenders,” says Sridhar Vankayala, director. Vankayala and Alascio represented Normandy on the transaction.
Center 78 is a 369,797-square-foot institutional quality office building situated on a 47-acre site at Exit 33 of I-78, immediately west of its intersection with I-287. Center 78 recently underwent a full renovation, and has LEED Gold certification.
Center 78 has secured long-term commitments from tenants in the pharmaceutical, technology and financial services sector. The property is 89-percent leased to six tenants, all of which are either investment grade rated firms/subsidiaries or high quality, publicly traded companies.