Office - Cranford, NJ

Closed: February 2018

UPB: $16,500,000

 

Loan Details

  • Loan was used as a recap to fund TI’s for a new 50,000 sf with the State of New Jersey

  • Initial funding of $15.8 million with $700k held back for tenant improvements.

  • LTV of 75% with Sponsor contributing $1.3 million of equity to fund their portion of tenant improvements.

Collateral Summary

  • Two office properties totaling 175,833 square feet located in Cranford, NJ approximately 25 miles southwest of Manhattan.

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