LIVINGSTON, NJ–“The office lending environment has been visibly loosening up as of late,” Mark Scott of Commercial Mortgage Capital tells GlobeSt.com. His Livingston-based firm recently closed two office/flex financing deals for a total of $17.45 million in Yonkers, NY, and South Brunswick.
CMC arranged a $9.4-million loan for a recently renovated two-building office complex at the Yonkers train station.
Major tenants at the building, which comprises 45,000 square feet, include the New York State DMV, St. Joseph's Hospital and The Energy Project. The building is part of i.Park Hudson, a 1.1-square-foot mixed-use facility, which features an on-site café, conference rooms and additional parking.
The City of Yonkers recently completed a $20-million project to “daylight” the Saw Mill River, located directly in front of the property. Daylighting is a term used to describe restoration of rivers that have been covered with concrete, usually for a past public works project.
Scott also secured a 25-year, $8.05-million, self-liquidating refinance loan for a flex office/warehouse complex located in South Brunswick. The property, Stouts Lane Business Complex, consists of three multi-tenanted modular industrial buildings with a total of 150,000 square feet.
A 65,000-square-foot building at 45 Stouts Lane and is 92% leased to seven tenants. Another building, 49 Stouts Lane, contains 40,000 square feet and is fully leased to Metaverse, an Internet-based art gallery. Also, 51 Stouts Lane, with 45,000 square feet, is 94 leased to three tenants.
Other refinance deals in the region are also providing evidence of a stronger office lending market. For instance, the recent financial restructuring for Park 80 West in Saddle Brook, quickly led to new and renewed leases for a total of 75,000 square feet.
The developer of the 550,000-square-foot office complex, L&L Holding Company, experienced “serious capital issues directly related to the tumultuous global economic environment,” said Robert Lapidus, president. Once new loans were in place, L & L secured a new lease with Visions Federal Credit Union and Cohn Lifland Pearlman & Knopf, New York Life Insurance Company, and HQ/Regus renewed leases.
“As the office market recovers, Park 80 West is in the right position to succeed,” said Cheryl Hardt, of CBRE, the exclusive broker for the property.
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