Cushman & Wakefield, Inc. announced today that it served as the exclusive advisor to Capstone Realty Group in arranging $28.5 million of financing secured by 50 Tice Boulevard located in Woodcliff Lake, New Jersey. The three-year, floating rate financing was provided by Blue Vista Finance.
Built in 1984, the Property totals 247,614 square feet and is currently 82% occupied with approximately 30% rolling in the near term. The Property is leased to tenants from a diverse set of industries including the pharmaceutical, legal services, and financial services industry. Additionally, the Property offers easy access to and from the state’s primary north/south highway, the Garden State Parkway, and is within close proximity to I-80, I-287, the New Jersey Turnpike/I-95, and NYC.
A Cushman & Wakefield Equity, Debt and Structured Finance team of John Alascio, Sridhar Vankayala and Andre Hass represented Capstone Realty Group in the transaction. The Cushman & Wakefield team worked alongside Rob Friedberg, Managing Principal of Capstone Realty Group, who managed the acquisition and investment in-house.
“Capstone saw an opportunity to revitalize and reintroduce an asset that historically was the leader in market rents and amenities in the Woodcliff Lake sub-market. Lender’s competitively bid the value add opportunity with various future funding structures and ultimately Blue Vista stepped up and aligned well with the capital and leasing plan proposed by the Sponsor” said John Alascio, Executive Director of Cushman & Wakefield Equity, Debt & Structured Finance.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
