WARREN, NJ—Cushman & Wakefield helped Normandy Real Estate Partners and Greenfield Partners to arrange $80.7 million of financing secured by Center 78, 184 Liberty Corner Road in Warren, NJ. The 10-year, fixed rate financing was provided by Natixis Real Estate Capital. Cushman & Wakefield negotiated attractive terms for the transaction, including loan proceeds (about $218 per square foot), an interest-only period and competitive reserve structuring, all of which fulfilled the sponsor's needs.
“This was great timing to be in the market with such a strong asset and sponsor. The lending community expressed robust interest and we secured a strong execution,” says John Alascio, executive director of Cushman & Wakefield Equity, Debt & Structured Finance.
“The credit tenancy and institutional sponsorship were highly attractive to lenders,” says Sridhar Vankayala, director. Vankayala and Alascio represented Normandy on the transaction.
Center 78 is a 369,797-square-foot institutional quality office building situated on a 47-acre site at Exit 33 of I-78, immediately west of its intersection with I-287. Center 78 recently underwent a full renovation, and has LEED Gold certification.
Center 78 has secured long-term commitments from tenants in the pharmaceutical, technology and financial services sector. The property is 89-percent leased to six tenants, all of which are either investment grade rated firms/subsidiaries or high quality, publicly traded companies.
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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].
