(RealShare New Jersey comes to the Hyatt Regency, New Brunswick, NJ, September 19.)
MORRISTOWN, NJ-G.S. Wilcox and Co. has stepped up the flow of mortgage money for commercial real estate lately, arranging $46.3 million in financing for three recent transactions.
One loan was for a mixed-use apartment building in New York City. The other transactions involved industrial properties in New Jersey. Two loans were made at a fixed rate under 4%, but the third – for an industrial building in Branchburg, which carries an adjustable interest rate.
Wilcox provided a $20 million mortgage through Prudential Insurance Co. for a 210-unit apartment building in New York with one office tenant and underground parking. The 20-year fixed rate mortgage at 3.9% has a 30-year amortization.
The second transaction involved four separate loans for industrial space made through Great-West Life & Annuity Insurance Co. The four properties, three in Secaucus and one in Linden, house a total of 564,895 square feet. The loan amount of $24.2 million has a seven-year fixed rate term at 3.62% and a 30-year amortization.
Investors Bank financed the third transaction, a loan for a 68,810-square-foot industrial building in Branchburg. The $2.1 million mortgage carried a five-year adjustable rate with a 10-year term.
Wilcox, founded in 1994 by Gretchen S. Wilcox, is a full-service mortgage bank that originates, underwrites, and services commercial mortgage loans. It is a part of the Strategic Alliance Mortgage (SAM) Network that financed $7.6B of loans in 2011.
In March, Wilcox also had a very active month, arranging $35.5 million in financing for two retail centers, one in Long Island and one in southern New Jersey.
Gretchen Wilcox is a scheduled panelist at the RealShare New Jersey conference Sept. 19 in New Brunswick.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
