CBRE Capital Markets' Debt and Equity executive vice president James Gunning and vice president Donna Falzarano arranged the financing on behalf of M. Alfieri Co. "CBRE was able to obtain very attractive loan terms and simultaneously provide the lender with a strong banking relationship," Gunning says, adding that 379 Thornall is part of the 3.6-million-square-foot Metropark office submarket of Central New Jersey.
Despite today's economic climate, the borrower had a very low basis in the property and was not trying to achieve maximum dollars, Gunning tells GlobeSt.com. "The bank was also interested in a long-term relationship with the owner."
This 331,053-square-foot building is easily accessible to the Garden State Parkway, the New Jersey Turnpike and Interstate 287, with service on New Jersey Transit and Amtrak. The property was 93% leased at the time of closing.
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