Sean Ryan is associate editor of Real Estate New Jersey
About $10.5 million of the net proceeds and $8 million of the restricted cash were used to pay down existing debt, leaving WWG with no mortgage debt. The remaining $20.2 million in cash, after selling expenses, will be ready for WWG operations and distribution to partners. WWG expects to gain $10.1 million on the transaction.
The Archon Group led the transaction on behalf of the WWG. Regional directors Fred Arena and Sam Morreale, along with director of dispositions John McNamara, led the transaction from Archon's Chatham office. Additionally, Cushman & Wakefield's Financial Services Group represented Archon.
"This asset is an excellent fit for our portfolio," says Mark Yeager, president of Gale. Archon Financial LP and Gramercy Capital Corp. provided the mortgage and mezzanine financing. An unnamed affiliate of the Manhattan-based SL Green Realty Corp., which has an investment with Gale through a multi-state, 35-building, 4.7-million-sf office portfolio, provided participating preferred equity.
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