Borrowers have big plans for Monmouth office park.

GE Real Estate announced it provided a $27.15 million on-book loan to investment firm Vision Equities, LLC and its partner, pension fund adviser Grosvenor Investment Management, for the purchase of Parkway 120, a Class A office building in the Metropark area of Monmouth County (N J).

Parkway 120 is the newest Class A office building in the county and is located at the four-way interchange at Exit 120 on the Garden State Parkway. The five-story property has 211,800 s/f of which more than 100,000 are currently available for lease. It also has one of the largest amounts of contiguous office space available in the Metropark area (90,000 s/f), a market that has only 8% office space availability. The borrowers plan a strategic lease-up program over the next three years--providing a lower cost alternative to other properties located within Metropark, in a Class A building of equal or greater quality.

The GE Real Estate team expedited this transaction, which closed in just 21 days.

Said Eric Cannon, a senior analyst in Grosvenor's Philadelphia office. "This was our first deal with GE and our team looks forward to growing this relationship in the near future." Sterling Realty Advisors and Robert Klausner of Thacher Proffitt & Wood's Summit NJ office facilitated the transaction.