Morgan Stanley Provides 10-Year Interest Only Loan for Prominent Multi-Tenanted Complex
CBRE’s Debt & Structured Finance team today announced the closing of a $53.6 million loan secured by 445 South Street in Morristown, New Jersey. Morgan Stanley provided the 10-year, interest-only loan to Strategic Real Estate LLC to finance the sponsor’s prior all-cash acquisition of the office complex.
CBRE’s James Gunning, Donna Falzarano and Kyle Saviano sourced the financing and arranged the loan on behalf of the building sponsor.
“We were retained on an exclusive basis to source competitive financing options on behalf of our client, Strategic Real Estate,” said Falzarano, Vice President, CBRE. “Given the quality of the asset, its credit-rated tenant roster and strength of the sponsorship, several large capital providers competed heavily.Morgan Stanley offered the most competitive terms available with minimal required structure at very attractive pricing.”
One of the premier Class A corporate facilities located in the Morristown submarket, 445 South Street is a 320,274-sq.-ft. building that is home to an impressive tenant roster, including Travelers Insurance, Covanta Energy Corporation, Marsh USA and Arch Reinsurance Company.
The property boasts a comprehensive amenity package that includes a dramatic two-story atrium lobby finished in rich woods and natural stone, a full-sized outdoor basketball court, a large full-service cafeteria, a training center, two common area conference rooms, a well-appointed fitness center and ample parking.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
