CBRE Capital Markets’ Debt & Structured Finance team has arranged a $6-million permanent loan on behalf of a two-member TIC structure of West Lake Neptune LLC & West Lake Neptune II LLC for the acquisition of1800-1836 West LakeAve., a 48,492-square-foot three storyoffice building located in Neptune, New Jersey.
Built in 2010, 1800-1836West LakeAve. is leased to Hackensack Meridian Health, the Department of Treasury for the State of New Jersey, and West Lake Pharmacy. The borrowing entity, which is managed by Weiss Realty Inc of Moonachie, NJ, recognized the value of this asset, which is located in the West Lake Redevelopment District. The District was created to promote and stimulate economic development within Neptune Township.
Following an extensive marketing to several lenders, including CMBS and regional banks, James Gunning, Donna Falzarano and Kyle Saviano of CBRE’s Saddle Brook, New Jersey officesecured aten-year permanentloan from Natixis. The attractively-priced loan offered two years of interest only. The lender was very flexible and executed in a timely manner.
Located at the intersection of Route 35 and West Lake Ave., just minutes fromRoutes 18 and 33, 1800-1836 West Lake Ave. provides convenient access to public transit options. With its proximity to Hackensack Meridian Health Jersey Shore University Medical Center, the propertyis ideally situated in a thriving medical office environment thathas seen explosive growth over the past decade.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.