Gretchen S. Wilcox, president, and Al Raymond, principal of G.S. Wilcox & Co. arranged financings totaling $32,250,000.
Four loans totaling $27,750,000 were originated with Thrivent Financial for Lutherans for borrower, Forsgate Industrial Partners.
The loans were for four industrial buildings totaling 950,000 s/f The properties were located at 18 Thatcher Road and 1165 Cranberry South River Road in South Brunswick, 75 Oxford Drive, Moonachie and 100 Central Avenue, Teterboro, New Jersey. The rates were fixed for 10 years with a 20 year amortization.
A 15-year fixed rate loan with a 25-year amortization totaling $4,500,000 was also completed for the refinancing of Abill Plaza, a 114,000 s/f mixed use retail/office property located on Route 46 in Totowa, New Jersey.
The lender was Minnesota Life Insurance Company through its investment entity, Advantus Capital Management Inc. The property has secured a new TJ Maxx anchor store.
According to the brokers, the lender was able to get comfortable with the asset prior to renovation completion while the property was in transition of tenancy.
The borrower signed TJ Maxx to a long-term lease and is in the process of leasing the remaining space.