Regions Northeast | New Jersey
$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.

 
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