CBRE’s Debt & Structured Finance team announced the closing of a $53.6 million loan secured by 445 South Street in Morristown, New Jersey.
Morgan Stanley provided the 10-year, interest-only loan to Strategic Real Estate LLC to finance the sponsor’s prior all-cash acquisition of the office complex.
Strategic Capital is the investment and development arm of China Construction America
CBRE’s James Gunning, Donna Falzarano and Kyle Saviano sourced the financing and arranged the loan on behalf of the building sponsor.
“We were retained on an exclusive basis to source competitive financing options on behalf of our client, Strategic Real Estate,” said Falzarano, Vice President, CBRE.
“Given the quality of the asset, its credit-rated tenant roster and strength of the sponsorship, several large capital providers competed heavily. Morgan Stanley offered the most competitive terms available with minimal required structure at very attractive pricing.”
One of the premier Class A corporate facilities located in the Morristown submarket, 445 South Street is a 320,274 s/f building that is home to a tenant roster that includes Travelers Insurance, Covanta Energy Corporation, Marsh USA and Arch Reinsurance Company.
The property has a dramatic two-story atrium lobby, a full-sized outdoor basketball court, a full-service cafeteria, training center, two common area conference rooms, a fitness center and parking.