CBRE Group Inc., announced that its Debt & Structured Finance team has completed a $38 million refinancing of a fully-leased Parsippany, N.J. office building.
The team of James Gunning, Donna Falzarano, and Evan Kleppe, secured a 10-year, $38 million loan at a sub-five percent interest rate through Relius Financial, on behalf of the borrower, Jeffroad Green, LLC.
The loan was secured by a fully occupied, 206,155 s/f 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 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 s/f building expansion. More than $24 million was invested into the tenant spaces, creating state-of-the-art headquarters and specialized research and development spaces.
