TEANECK, NJ–Cushman & Wakefield has arranged a $32 million non-recourse financing of Glenpointe Centre West, part of Alfred Sanzari Enterprises' Glenpointe complex here, GlobeSt.com has exclusively learned.
The 12 year fixed-rate financing was provided by AXA Equitable Life Insurance Company through its advisor, Quadrant Real Estate Advisors.
The Glenpointe Centre West holds 333,000 square feet of Class-A office space and is 99.5% occupied, according to David Schaiman of C&W's Equity, Debt &Structured Finance group.
Glenpointe, a mixed-use development, provides a total of 650,000 square feet of headquarters-quality office space. There is also a full-service 345-room Marriott Hotel and Conference Center, a spa and fitness center and an enclosed parking garage.
“We have had an excellent experience working with the Sanzari Organization, who are preeminent, highly professional owners and managers of a portfolio of successful Class-A properties they have developed, maintained and owned for the last 40 years,” says Schaiman.
“The quality of the product and the borrower enabled us to obtain a 12-year loan with terms reflecting today's advantageous borrower market," he adds.
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