Morristown, NJ – G.S. Wilcox & Co. announced today that they have arranged financings totaling $32,250,000 arranged by Gretchen S. Wilcox, President and Al Raymond, Principal of G.S. Wilcox & Co.
Four loans totaling $27,750,000 were originated with Thrivent for Lutherans with the borrower being Forsgate Industrial Partners. The loans were for four industrial buildings totaling 950,000 sq. ft.. The properties were located at 18 Thatcher Road and 1165 Cranberry South River Road in South Brunswick, 75 Oxford Drive, Moonachie and 100 Central Avenue, Teterboro, New Jersey. The rates were fixed for 10 years with a 20 year amortization.
A 15 yr. fixed rate loan with a 25 year amortization totaling $4,500,000 was also completed for the refinancing of Abill Plaza, a 114,000 sq. ft. mixed use retail/office property located on Route 46 in Totowa, New Jersey. The lender was Minnesota Life Insurance Company through its entity, Advantus Capital Management Inc. The property has secured a new anchor store; TJ Maxx. The lender was able to get comfortable with the asset prior to renovation completion while the property was in transition of tenancy. The borrower signed TJ Maxx to a long term lease and is in a process of leasing the remaining space.
G.S. Wilcox & Co., founded in 1994, is a full service mortgage banking firm which originates, underwrites, and services commercial real estate mortgage loans. Located in Morristown, the firm currently services $1 billion in commercial real estate loans.