New Jersey Office

Transaction description

Jonny Soleimani and Garrett Carter of PSRS arranged $4.1M in acquisition financing for an office property in Parsippany, New Jersey, with ~83% occupancy. The subject property is a 75,049-square-foot suburban office building that has been renovated, is well leased, and is occupied by a diverse tenant base spanning professional services, healthcare, medical imaging, technology, and fitness. The three-story building features 248 parking spaces. PSRS arranged, through one of its correspondent life insurance companies, a 45% LTV, partial recourse five-year loan with the option to be fully amortizing at the borrower’s discretion. In addition to the rate and ability to take only partial recourse on an office building, the borrowing group was drawn to the certainty of execution Life Cos provides relative to the market. This was the most important factor for them while they were in their 1031 exchange.