● RUBENSTEIN PARTNERS
Partners refinance NJ offices
Rubenstein Partners, L.P. has closed on a $28.5 million refinancing for 211 Mount Airy Road in Basking Ridge, NJ, a 305,000 s/f Class A office property.
Wells Fargo is providing the new five-year loan facility.
Rubenstein Partners, together with its partner Onyx Equities, recently completed a redevelopment plan to improve and modernize the property, and signed a 61,676-square-foot lease with Avaya, Inc.
Stephen Card of Rubenstein Partners made the announcement.
Affiliates of Rubenstein and Onyx acquired 211 Mount Airy Road from Avaya in 2013.
Following the acquisition, the Rubenstein/Onyx partnership created a redevelopment plan to thoroughly modernize the early 1980’s vintage building in this highly desirable suburban office submarket.
Among other things, the partners decided to replace the existing concrete skin with a contemporary glass curtainwall system that will introduce much more light into tenant space.
211 Mount Airy Road features headquarters-quality amenities, including a full cafeteria and state-of-the-art fitness facilities.
The property also features a 127-seat auditorium and conference center on-site.
Macquarie, Principal fund refiʼ
Holliday Fenoglio Fowler has secured a $10 million refinancing for West Ridge Corporate Center, a 113,715 s/f, office/flex campus in Eatontown, New Jersey.
Working on behalf of the borrower, Bollerman Real Estate Services, Inc., HFF placed the 10-year, fixed-rate loan with Principal Commercial Capital, a lending platform jointly formed by Macquarie Group and Principal Real Estate Investors.
Loan proceeds were used to refinance an existing loan on the property.
West Ridge Corporate Center is located at One Industrial Way West within the Eatontown Business Park.
The five-building, office/flex complex is located just west of Route 35, one mile south of its intersection with Route 36 and less than three miles from Interchange 105 of the Garden State Parkway and Route 18.
The property, which was constructed in 1983 and purchased by Bollerman in 2004, is currently 96 percent leased.
The HFF debt placement team representing Bollerman was led by director Michael Klein.
“Bollerman was seeking a long term loan that would enable them to take advantage of low interest rates in arguably a soon to be rising interest rate environment,” said Klein.
“Principal understood the submarket and the short term leases associated with this product type and was able to provide a loan that best met Bollerman’s needs.
Newmark sells non-performing loan
NGKF Capital Markets’ Loan Sale Advisory Group has closed on the sale of a non-performing loan with an unpaid principal balance of $24 million.
The loan was secured by the Allegria Hotel at 80 West Broadway, Long Beach, New York.
NGKF Capital Markets executive managing director Steven M. Schultz and managing director Josh Malka closed the sale, serving as exclusive advisor to a consortium of five banks.
JemCap, led by Peter Marsh, acted as the special servicer on the deal.
Schultz said, “We moved quickly in marketing the property, utilizing the extensive pool of investors we have excellent relationships with to drive maximum attention to this transaction.
“We generated more than one hundred signed confidentiality agreements and closed the sale with an all-cash bid. The process from start to end took approximately six and a half weeks.”
“Ultimately, we had interest in this loan sale from all over the country. While the winning bidder ended up being from New York, the cover bid was from a hotel operator in California,” said Malka.
Allegria Hotel is an oceanfront conference center hotel in Long Island with 147 rooms.
It comprises 20,000 s/f of hotel and conference space.
● MISSION CAPITAL
$57M FDIC loan portfolio offered
Mission Capital AdvisorsC has been retained by the Federal Deposit Insurance Corporation (FDIC) as the loan sale advisor for a portfolio of 122 real estate and business loans with an aggregate unpaid principal balance of $57.6 million.
The portfolio is being offered in nine separate pools.
Loan types include residential real estate, commercial real estate, ADC, and C&I. The portfolio is collateralized by assets located across the country, with a significant portion of the collateral concentrated in the Chicago area.
Loan performance is mixed with a combination of performing, sub-performing, and non-performing assets offered from 17 different failed banks.
The Mission Capital team of Michael Britvan, Kyle Kaminski, and Balin Michael is handling the transaction on behalf of the FDIC.
Britvan said, “This is one of the larger FDIC cash sale portfolios we have seen of late, and we anticipate a great deal of interest from investors targeting both seasoned performing and distressed debt.”
● MLK REAL ESTATE CAPITAL
RiverBrook refi on construction loan
MLK Real Estate Capital (MLK) advised RiverBrook Equities (RBE) on the refinancing of an existing construction loan.
The Berkshire Bank, New York will provide a new, permanent loan on their new “La Quinta” hotel franchise located at 1412 Pitkin Avenue in Brooklyn, New York.
MLK represented RBE on the financing for the firm’s newest La Quinta location, which will have 46 rooms. MLK and RBE replaced the existing construction loan with a new permanent take-out debt option.
Abe Mendel, president and CEO of RBE, said, “We are committed to the limited service hospitality hotel segment and view this as a true cash flow business with continued growth.”