Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $9.4 million in financing for two office properties located in New Jersey, including a $3.26 million acquisition loan for a 37,135 square foot office building at 720 King Georges Road in Woodbridge Township, New Jersey, and a $6.09 million non-recourse loan for a 24,900 square foot office building at 333 Haywood Road in Manahawkin, New Jersey. The transactions were secured by Joseph Belgiovine, first vice president, based out of MMCC’s New Jersey office.
“As office occupancy rates steadily increase and the office sector gains clarity, properties near dense population centers and major thoroughfares are increasingly in demand again,” said Belgiovine. “These properties, well located in New Jersey, also offer advantages such as a stable tenant occupancy and strong, in-place cash flows.”
The 25 year loan for 720 King Georges Road has an LTV of 75 percent and an interest rate of 4.25 percent. The three-story property was built in 1907 and has 22 tenants. It is within close driving distance to the Newark, LaGuardia and JFK airports, as well as major metropolitan centers such as Philadelphia and New York City.
The 12-year non-recourse loan for 333 Haywood Road has an LTV of 70 percent, an interest rate of 3.625 percent and a 30 year amortization. The two-building office park was built in 2008 and offers easy access to New York City, Philadelphia and Trenton. The property is anchored by the Ocean County Board of Social Services.
