NJ Office Building Receives $26M Financing
- Dec 15, 2017
Hudson Equities Management has closed a $26.2 million loan for a 240,291-square-foot office building in Woodcliff Lake, N.J. A Cushman & Wakefield Equity, Debt and Structured Finance team comprising Executive Director John Alascio, Director Sridhar Vankayala and Andre Hass arranged the four-year, floating-rate financing, provided by Streamline Realty Funding.
The asset, located at 300 Tice Blvd., was completed in 1989 and features a three-story glass atrium, a café with indoor and outdoor dining, locker rooms, a reflecting pond and extensive landscaping, as well as an underground garage with elevator access to the building.
The owner plans to launch a multimillion-dollar capital improvement program for the property, which will result in improvements to the exterior landscape, interior common areas, bathrooms, elevator cabs and amenities. Hudson Equities will also upgrade the building’s fitness center, create a conference center and install collaborative seating areas both inside and outside of the facility.
The property is 78.5 percent occupied by a diverse roster of tenants from the auto, pharmaceutical and financial services industry. Additionally, the building is close to major roads such as the Garden State Parkway, interstates 80 and 287 and the New Jersey Turnpike.
“The property represents a premier Class A office building in an affluent Bergen County market with great upside for Hudson Equities,” Alascio said in a prepared statement.
According to public records, Hudson Equities purchased the property from Mack-Cali Realty, which is currently disposing of its Bergen County portfolio.
Image courtesy of Yardi Matrix