Avison Young’s New Jersey Office arranged a $21.1 million loan to refinance a 114,200 s/f Class A multi-tenant industrial/flex building at 75 Commerce Drive in the Allendale Corporate Center, Allendale, NJ.
George Gnad, Principal in Avison Young’s Debt & Equity Group in Morristown, negotiated the loan on behalf of a venture between Red Pine Capital Partners, led by Michael K. Federman, and Double Z Management, led by Nick Rizzo.
The loan was originated by Potomac Business Services, which is a syndicate of credit unions. The mortgage loan opportunity arose out of the relationship with Red Pine developed by Marc Krieger, Senior Vice
President in Avison Young’s Brokerage Services Group, who successfully leased up over 70,000 s/f of the building on behalf of ownership, bringing the property to 100 percent occupancy with long-term leases.
Gnad successfully highlighted the credit worthiness of the tenants, the strength of the sponsor, the length of the leases and the magnitude of the capital improvements in his efforts to find the right mortgage lender.