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Normandy Asset Gets Bridge Loan

BRANCHBURG, NJ-The funding recapitalizes a long-term loan for the company's 92,000-sf Branchburg Centre, acquired earlier this year.

By Eric Peterson | Updated on July 22, 2008

BRANCHBURG, NJ-Normandy Realty Partners has picked up a bridge loan secured by the company’s 92,000-sf, two-story Branchburg Centre office building here. Details of the loan, including the amount, were not released, and the financing was attributed only to a New England-based commercial bank.

“The borrower secured prepayment flexibility and an attractive spread to float over LIBOR,” says James Gunning of CB Richard Ellis Debt & Equity Finance, Saddle Brook, who teamed with that firm’s Donna Falzarano to arrange the transaction. “This will make a recapitalization to long-term financing more efficient once the property is fully stabilized and the credit markets recover.”

Located at 3040 Route 22 West, the nine-year-old building was acquired earlier this year by the Morristown-based Normandy in a three-property acquisition from Advance Realty Group of Bedminster. The latter had held the property for three years, buying it from original developer Matrix Development Group in 2005 for a reported $16 million.

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