JLL Capital Markets today announced that it has arranged a $32 million refinancing for Glenpointe Center East and the Atrium at Glenpointe, two Class A office buildings totaling 320,000 square feet in Teaneck, New Jersey.
JLL worked on behalf of the borrower, Alfred Sanzari Enterprises, Inc. to secure the 10-year fixed rate loan through Securian Asset Management, which issued the loan on behalf of the lender, Minnesota Life Insurance Company.
Glenpointe Center East and the Glenpointe Atrium are located at 300-400 Frank W. Burr Blvd. at the prestigious 670,000 square foot Glenpointe corporate campus in Bergen County, Northern New Jersey. Properties have immediate access to Interstates 80 and 95 and nearby access to the Garden State Parkway and NY State Thruway, providing connectivity throughout the Northern New Jersey and Tri-State area.
Originally built in 1982, Glenpointe Center East and the Glenpointe Atrium are 94.5% occupied. The seven-story Glenpointe Center East property includes 240,000 square feet of Class A office space, and the two-story atrium at Glenpointe offers an additional 80,000 square feet of Class A office and common space Both buildings benefit from campus amenities, which include 700 hotel rooms in three on-site hotels; Glenpointe Fitness, a 26,000 square foot health club and spa; a closed parking garage with 2,400 spaces on four levels; and 730 additional surfaces.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas R. Didio, Senior Managing Director Thomas E. Didio, Jr. and analyst Salvatore Buzzerio.
“JLL was pleased to assist the borrower in securing permanent financing from Securian Asset Management for the refinancing of Glenpointe Center East and the Atrium at Glenpointe,” said Thomas E. Didio, Jr. “Securian recognized the strength of Class A suburban office assets and exceptional local demographics and transportation infrastructure, and provided competitive financing terms to a strong borrower in a volatile capital markets environment.
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s deep knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is sales and investment advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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