Progress Capital Arranges Refinance for Office Building Complex in NJ
Brian Anderson of Progress Capital secured $9,555,000 in refinancing for a 121,222 SF Class A office building located at 123 Tice Blvd., Woodcliff Lake, NJ.
Financing for the acquisition included the following terms:
- Loan Amount: $9,555,000 (72% LTV)
- Interest Rate: 6.25% Fixed for 5 Years
- Term/Amort: 25 Year Term/ 25 Year Amortization
The sponsor purchased the site in 2022 with bridge financing provided by Progress Direct. Situated on a 10-acre parcel of land, the multi-tenanted property is anchored by Anchor QEA, Seacube Containers & ID Systems, and Style Edit Inc and features 492 lined parking spaces.
Considering the current lending environment surrounding the office market, it took extraordinary work from Brian and his team to get a conventional bank to provide 72% leverage financing on a refinance.
123 Tice Blvd is positioned in a prime location and benefits from its close proximity to numerous major roadways including the Garden State Parkway, Route 17, Interstate 287 and the Palisades Interstate Parkway, making it easily accessible for tenants. The building is also within walking distance of Hilton Hotel, Tice’s Corner Marketplace and Shops at DiPiero’s Farm Stand & Greenhouses. Its corporate campus environment features numerous amenities including a recently refurbished lobby, modern common areas, outdoor seating areas, an on-site café, backup generator & loading docks.
Progress Capital is a leading commercial real estate financing firm serving clients since 1990 with over $40 Billion in closed loans and $150 Million of directly funded bridge loans.
