CBRE Group Inc., New Jersey’s largest commercial real estate brokerage firm, announced today that its Capital Markets Debt & Structured Finance team has arranged $5 million short-term bridge financing secured by One Gatehall Drive, a 113,220-square-foot office property in Parsippany.
The CBRE team of James Gunning, Donna Falzarano and Evan Kleppe arranged the financing with a local commercial bank on behalf of the borrower, GLB Gatehall, LLC. The entity is a partnership of Glenborough, a privately held full service real estate firm, and a large institutional real estate investor.
The short-term floating rate financing, which was secured with a competitive interest rate, was put in place to refinance the existing mortgage on the property. The CBRE team’s marketing efforts were received favorably by a number of prominent New Jersey banks, allowing the borrower to select the most flexible and competitive deal of those offered.
GLB Gatehall, LLC acquired One Gatehall Drive in 2006 and has maintained above-average occupancy levels at the office property over the past five years. The Class A, four-story building sits on 9.7 acres in the heart of Morris County, offering immediate access to Interstates 80 and 287. The property was developed as part of a larger corporate campus, which is home to a number of Fortune 500 companies and features a full-service cafeteria, a childcare center and onsite hotels and restaurants.Related Articles: