(Mark Your Calendars: RealShare New Jersey takes place Sept. 13 in New Brunswick, NJ)
MORRISTOWN, NJ-G.S. Wilcox & Co. has refinanced a nine-building industrial portfolio with a loan balance of $36,728,770 with the existing lender Thrivent. The buildings are located in Northern and Central New Jersey.
The owner, a New Jersey family-owned real estate company, was looking to extend a good interest rate, says Al Raymond, a Wilcox principal. The refinancing allowed for a 3-year extension to the call date of the 3.2 million-square-foot portfolio. “The borrowers are definitely seeing where interest rates are today, and are trying to take the risk out of the equation,” Raymond tells GlobeSt.com.
Thrivent benefits, he explains, by keeping the loan on its books and maintaining a strong relationship with the borrower. The size of the deal is due more to the size of the portfolio than any major market statement. And the current stock market volatility makes predicting future trends even more difficult.
“There is no denying Treasuries went down 90 basis points over the last week or so,” Raymond says. “It’s still to be determined how it will affect commercial real estate lenders. It’s not going to hurt the borrower. And the Fed keeping interest rates low is a great thing for borrowers in the next two years.”
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