"The borrower secured prepayment flexibility and an attractive spread to float over LIBOR," Gunning said in a company statement. "This will make a recapitalization to long-term financing more efficient once the property is fully stabilized and the credit markets recover."
Branchburg Center is a two-story building bordering Routes 22, 614 and 679 and located less than five minutes from I-78 and 287. The property, which was renovated in 2002, boasts a 2,100-sf cafeteria, and is home to Hewlett Packard and Ortho Biotech. At the time of financing, the property was 85% occupied. Calls seeking further comment were not returned as of press time.
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