ROSELAND, NJ—CBRE Group Inc.’s debt and equitygroup has completed the financing of 7 Becker Farm Road, an 89,625-sq.-ft. office building in Roseland, N.J.
James Gunning, executive vice president, Donna Falzarano, vice president, and Evan Kleppe, analyst, secured a $6.8 million floating-rate bridge loan with a local commercial bank on behalf of CK 5 Roseland Partners LLC.
The financing recapitalized a prior all-cash acquisition by a partnership of Capstone Realty Group and the KABR Group and provided funding to complete a renovation and delivery of space to two new tenants, Liberty Mutual and FBR Group, which will bring the property to 92 percent occupancy.
Constructed in 1981 and upgraded in 2006, 7 Becker Farm Road is a class-Bproperty that stands four stories tall. Situated on eight acres of land, the property recently received upgrades to its lobby, café and fitness center. The building is within the Roseland Corporate Campus and is in close proximity to Route 280.