ROSELAND, NJ–CBRE's Debt & Equity Finance Group has secured $6.7 million in financing for the office building at 7 Becker Farm Road that had been ADP's headquarters.
The financing recapitalized an all-cash acquisition of building a year ago by a partnership of Capstone Realty Group and the KABR Group, known as CK 5 Roseland Partners. The partners bought the building along with 3 ADP Boulevard, also in Roseland, also previously part of ADP's headquarters.
A floating rate bridge loan was arranged for the acquisition and renovation of space to two new tenants, Liberty Mutual and FBR Group. ADP continues to lease more than half the space at 7 Becker Farm.
The property is now 92% occupied, according to the CBRE team of James Gunning, Donna Falzarano and Evan Kleppe. The floating rate loan has a three-year term with two one-year extensions.
Built in 1981 and upgraded in 2006 by ADP at a cost of $2.5 million, the four-story building is set on eight acres. The owners have installed a new lobby, a full-service café with seating for 60, and a fitness center with shower/locker room facilities.
The building is part of the Roseland Corporate Campus and located adjacent to Exit 5 of Route 280 in Essex County.
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