CBRE GROUP INC.’S NEW JERSEY DEBT & STRUCTURED FINANCE TEAM COMPLETES $2.5 MILLION MORTGAGE REFINANCING
NEW HARTFORD, N.Y. (July 17 2014) –CBRE Group Inc., New Jersey’s largest commercial real estate brokerage firm, announced today that its Debt & Structured Finance team completed a $2.5 million first mortgage refinancing secured by The Avenue Plaza, a community retail center in New Hartford, NY.
The CBRE team of James Gunning, Donna Falzarano, and Evan Kleppe arranged the refinancing for a 10-year term at a sub-5% interest rate through a life insurance company, on behalf of the Borrower, Goodrich New Hartford LLC.
The loan refinanced existing debt on the 168,561-square-foot, Kmart-anchored, suburban retail center, located on Commercial Drive. Although a potential roll by Kmart is possible within three years, the lender recognized that the company’s long-term tenancy and below-market rent substantially mitigates the leasing risk.
The Avenue Plaza, which is currently 93%-occupied, was developed in 1972 and is situated on 19 acres. The improvements consist of the Kmart store and an adjacent strip center that contains the in-line tenants. Additional notable tenants include Chuck-E-Cheese, Sally Beauty, Subway, Supercuts and Adirondack Bank, many of which have occupied the building for more than 10 years.
The New Hartford area of Oneida County is the prime retail destination for residents in the region, as it offers 16 retail centers that range from 10,000 - 850,000 sq. ft.
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.