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Gramercy closes CTL.

Gramercy Capital Corp. closed on its second credit tenant lease ("CTL") investment with the acquisition of a 100% fee interest in 200 Franklin Square Drive, Somerset County, NJ. The property was acquired for $50.2 million and financed with a $41.0 million, 10-year, fixed-rate first mortgage loan provided by Nomura Credit and Capital, Inc.

The 200,000 s/f Class-A building is 100% net leased through 2021 by Philips Holding USA Inc,.

Eastdil Realty acted as advisor to the seller.
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Date:Nov 2, 2005
Words:81
Previous Article:Pergolis Swartz.
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