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By CB Richard Ellis
11/24/2009
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CB Richard Ellis’ Capital Markets Debt & Equity group recently arranged a $3 million two-year, interest only bridge loan for a premier 39,131-square-foot medical office building, which is located at 475 Prospect Avenue in West Orange, New Jersey. CB Richard Ellis’ James Gunning and Donna Falzarano secured financing for the borrower, Prism Green Associates III, LLC, while Peoples United Bank acted as the lender.
Originally built in 1984, this former three-building complex was purchased by Prism Green Associates III, LLC in 2005. After the purchase, the owner demolished two of the three buildings, leaving the remaining 39,131-square-foot two-story office property. Since then, the owner has completed renovations to the facility’s lobby, elevators and tenant areas in order to position it as a premier medical office property. At the time of closing, the building was 50 percent leased to Omni Eye Specialists, PA for a 15-year term.
This property is well-situated on Prospect Avenue, which is immediately adjacent to the 325,000-square-foot Essex Green Shopping Center and is minutes away from Route 280 and the Garden State Parkway.
"We were able to obtain an interest only loan at 300 basis points over LIBOR. The short term, low interest loan gave the borrower the working capital required to continue with the project and the freedom to secure longer term debt in the near future without incurring onerous prepayment penalties," said Mr. Gunning.
Please visit our Web site at www.cbre.com
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