CBRE GROUP, INC.’S DEBT & STRUCTURED FINANCE TEAM COMPLETES $38 MILLION REFINANCING FOR PARSIPPANY, NJ PROPERTY
SADDLE BROOK, N.J. (February 11, 2014) – CBRE Group Inc., New Jersey’s largest commercial real estate brokerage firm, announced today that its Debt & Structured Finance team has completed a $38 million refinancing of a fully-leased Parsippany, N.J. office building.
The CBRE team of James Gunning, Donna Falzarano, and Evan Kleppe, secured a 10-year, $38 million loan at a sub-5% interest rate through Relius Financial, on behalf of the borrower, Jeffroad Green, LLC. The loan was secured by a fully occupied, 206,155 sq. ft. suburban office building at 399 Jefferson Road.
The financing recapitalized a prior bridge loan placed in 2010 by the same CBRE team. Jeffroad Green, LLC and Prism Capital Partners, managing partner, promptly began an extensive program improving the tenant spaces. The result was a highly functional, state-of-the-art build out befitting a corporate HQ. NYSE-listed Pinnacle Foods and Biomet Spine & Healing Technologies each signed long-term leases and CBRE was able to obtain maximum proceeds at a competitive interest rate.
399 Jefferson Road was originally constructed in 1970, renovated in 1989 and renovated and expanded in 2010-2011. The Owner, in securing the leases for the property, also secured approvals for and completed construction of a 28,000-sq.-ft. building expansion. More than $24 million was invested into the Tenant spaces, creating state-of-the-art headquarters environments and specialized research and development spaces.
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 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 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.