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$25M Loan Set for Rockaway 80

ROCKAWAY, NJ-The first mortgage, floating-rate financing has been picked up from MassMutual by an affiliate of GIM.

By Eric Peterson | Updated on October 22, 2008

ROCKAWAY, NJ-An affiliate of Grosvenor Investment Fund has picked up a $25-million first mortgage financing from MassMutual for the 260,186-sf Rockaway 80 Corporate Center here. GIM, the North American fund management subsidiary of London-based Grosvenor Group, acquired the asset at 100 Enterprise Dr. a year ago from Onyx Equities on behalf of a public pension fund, and the financing is related to that acquisition.

The floating-rate loan was arranged by director Steven Klein and senior managing director Michael Tepedino of the New York City office of Holliday Fenoglio Fowler, representing the borrower. Further details of the package were not released.

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