James Gunning, a senior director in LJ Melody's New Jersey office, also located here, arranged the transaction. Artesia Mortgage Capital provided the funding on behalf of Roseheart Associates LLC, owner of the building. Roseheart is similarly locally based. CB Richard Ellis, which has its main New Jersey office in the building, has the leasing assignment for it.
"Current low rates in the market prompted the borrower to defease his existing, higher-rate loan, resulting in a transaction where defeasance and the new loan funding needed to occur simultaneously," according to Gunning. "Park 80 East is a well-managed asset that has displayed full occupancy over the past several years."
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