CBRE Debt & Equity Team Completes Finance Transaction For Suburban Office Property in Roseland, N.J.
SADDLE BROOK, N.J. (June 12, 2013) – CBRE Group Inc., New Jersey’s largest commercial real estate brokerage firm, announced today that its Debt & Equity Finance Group recently completed the financing of 7 Becker Farm Road, an 89,625-square-foot office building in Roseland, N.J.
The team of James Gunning, executive vice president, Donna Falzarano, vice president, and Evan Kleppe, analyst, secured a $6,750,000 floating rate bridge loan with a local commercial bank to capitalize a prior all-cash investment on behalf of CK 5 Roseland Partners, LLC. The floating rate loan has a three-year term with two one-year extensions.
The financing recapitalized a prior all-cash acquisition by a partnership of Capstone Realty Group and the KABR Group. The sponsors acquired the building in June 2012 in combination with 3 ADP Boulevard, also in Roseland. Previously, the properties were the headquarters offices of ADP, who stayed on to occupy more than half of 7 Becker Farm Road. The financing also provided additional funding to complete a renovation and delivery of space to two new tenants, Liberty Mutual and FBR Group. These two transactions brought the property to 92% occupancy.
Constructed in 1981 and upgraded in 2006 by ADP at a cost of $2.5 million, the property is a four-story class-B office building that sits on eight acres of land. The owners recently completed a renovation plan that includes 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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.