MONTVALE, NJ—CBRE Group's Capital Markets Debt & Structured Finance team has completed a $6.2 million first mortgage secured by 3 Paragon Drive, a class-A suburban office building in Montvale, NJ.
The CBRE team of James Gunning, Donna Falzarano and Evan Kleppe secured the five-year fixed rate loan with a regional bank on behalf of an investment fund managed by The Davis Companies in conjunction with its acquisition of the property. With new equity in the deal and near 100 percent occupancy by two globally recognized tenants, Pentax of America and Turner Construction, CBRE successfully negotiated a competitive rate and terms on behalf of the borrower.
3 Paragon Drive was developed in 1988 with a subsequent renovation in 2008. Shortly after the 2008 renovation, Pentax and Turner Construction leased space in the building.
The building is on 9.29 acres of land along the Garden State Parkway within a market with low vacancy rates and a strong demand for high-quality buildings conducive to mid-sized tenants.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
