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Q10/G.S. Wilcox Arranges Permanent Financing

NEWARK-With the help of Q10/G.S. Wilcox & Co., the owner of an office building here secured $13 million in permanent financing.

By Maria Wood | Updated on May 19, 2009

NEWARK-A 104,000-square-foot office building here is now backed by a permanent financing package in the amount of $13 million. Helping the owner obtain the funding was Q10/G.S. Wilcox & Co., commercial mortgage banking firm based in Morristown.

Gretchen S. Wilcox, president, and Al Raymond, principal, put the deal together for an unnamed borrower. Wilcox tells GlobeSt.com the borrower acquired the property in 2007 and was looking to replace a short-term funding vehicle used to reposition the asset with a permanent loan. Although she declines to name the borrower, Wilcox says he is one of the state’s top developers and owners of commercial real estate in the city.

The loan, obtained from a regional bank that G.S. Wilcox originates and services loans for, has a five-year term, a 75% loan to value and an interest of 6.25% with a 25-year amortization. Both the rate and the LTV ratio are above what is typically quoted in the market.

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