Regions Northeast
$25M Loan in Place for 276,000-SF Jersey Office Portfolio
Aug 29, 2008

A joint venture involving Ivy Equities and Urdang Capital Management has gotten its hands on nearly $25.2 million in financing for a group of four office buildings in Parsippany, N.J. Holliday Fenoglio Fowler L.P. orchestrated the transaction on behalf of the joint venture, securing the three-year adjustable rate loan from Babson Capital Management. Developed between the late 1970s and the late 1980s, the properties involved include the 68,000-square-foot building at 4 Wood Hollow Rd.; the 79,600-square-foot building at 299 Cherry Hill Rd.; and 10 Lanidex Plaza and 30 Lanidex Plaza, featuring 73,400 square feet and 55,000 square feet, respectively. The borrowers will use the 65 percent leveraged loan to take-out an existing first mortgage, as well as for tenant improvements and leasing costs. Vacancy rates at the properties range from a low 51.1 percent to 100 percent; the joint venture plans to stabilize the portfolio's occupancy over the next 12 to 18 months.

 
Recent Northeast Headlines
Developers Move Ahead with Plans for 60-Story NYC Tower
Nov. 21, 2008
Banking that the healthcare industry will stay healthy despite the tough economic times, developers are moving ahead with plans to build the World Product Centre, a 60-story tower on Manhattan’s West Side that would showcase medical diagnostic and device companies and serve as an international educational center.
Proposed $1B Philadelphia Skyscraper Gets Zoning Approvals, Awaits City OK
Nov. 21, 2008
The American Commerce Center, a $1 billion, mixed-use skyscraper proposed for 1800 Arch St., in Philadelphia’s Center City, moved another step closer to reality this week when the city’s planning commission unanimously approved zoning changes for the 1.5-acre site.
pier 57 NYC's Pier 57 Attracts Trio of Renovation Proposals
Nov. 21, 2008
At the edge of Manhattan’s Meat Packing District in Chelsea, Pier 57 abuts an area that has seen a burst of activity over the last decade. Located at the end of West 15th St. and encompassing some 375,000 square feet of waterfront space plus rooftop area, the pier is now the focus for three bids for renovation.
CBRE Promotes 4 to SVP
Nov. 18, 2008
CB Richard Ellis has promoted Sacha Zarba, Doug Lehman, Andrew Sussman and Bill Mooney to senior vice president.  They were previously first vice presidents.
Redevelopment Authority Approves 4 Boston Projects
Nov. 18, 2008
Boston Mayor Thomas Menino announced that four projects totaling more than $75 million in private investment have received approvals from the Boston redevelopment authority’s board of directors.