The financing was arranged by brokers from the Florham Park, NJ and New York City offices of Holliday Fenoglio Fowler. Working on behalf of the borrower were HFF senior managing directors Thomas Didio and Evan Pariser and associate director Michael Klein.
According to information released by HFF, the 10-year, fixed-rate loan was placed with a regional bank. Its proceeds take out floating-rate bridge financing secured by HFF when the borrower acquired the property from Organon USA Inc. in early 2007.
Since the acquisition, the building has been repositioned from single-tenant to multi-tenant use, including a number of capital improvements to the exterior and common areas. The property is currently nearly 100% leased to a mix of medical and professional service firms.
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