WOODCLIFF LAKE, NJ-CB Richard Ellis' Capital Markets Debt & Equity Finance group recently arranged a $20-million mortgage loan for an 118,092-square-foot, class A suburban office property located at 155 Tice Blvd. here. The building owner is Hartz Mountain Industries.
James Gunning of CBRE Capital Markets Debt & Equity Finance secured the financing on behalf of Ridge Associates II LP at a competitive interest rate for a seven-year term and 25-year amortization.
This mortgage loan was a refinance of existing debt secured by a first lien on 155 Tice, which is 100% occupied by Eisai Corporation of North America. The existing long-term lease of Eisai, the building's location and the sponsorship were all factors that a New England-based commercial bank to offer very competitive terms for the financing.
Originally built in 1980, 155 Tice is a three-story office building, which recently underwent a multi-million dollar renovation that included a new fa
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