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L.J. Melody finances Saddle Brook building with $7m loan.

James Gunning of L.J. Melody & Company, the real estate banking arm of CB Richard Ellis, has arranged permanent fixed rate financing in the amount of $7 million for Park 80 East in Saddle Brook, N.J.

Current low rates in the market prompted the borrower to defease his existing higher-rate loan, resulting in transaction where defeasance and the new loan funding needed to occur simultaneously. With five years remaining on the existing loan, the borrower locked in long-term fixed rate financing for 20 years, amortized over a 27-year schedule.

Situated on an unsubordinated ground lease, Park 80 East is a well-manage asset that has displayed full occupancy over the past several years.

Park 80 East is a four-story, 83,049 s/f office building, located opposite the Bergen Toll Plaza of the Garden State Parkway, and within immediate access to Interstate 80. The building features a steel frame and pre-cast concrete panel exterior. The property is 100% occupied.

Artesia Mortgage Capital provided the funding on behalf of Roseheart Associates LLC.
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Publication:Real Estate Weekly
Article Type:Brief Article
Date:Aug 18, 2004
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