MORRISTOWN--David Fryer, Principal of Q10 | G.S. Wilcox & Co. recently arranged two commercial real estate mortgage loans totaling $20,800,000.
The first, $9,500,000 loan, is for two industrial buildings located in Clarkstown, NY. The two properties, which total 148,150 sf in size had recently completed construction. The buildings were 92% leased by nine tenants at the time of closing. The financing for this transaction was provided through our correspondent relationship with Southern Farm Bureau Life Insurance Company. The loan carries a fixed interest rate of 5.8% for the 10 year term with a 25 year amortization.
The second, an $11,300,000 loan, is for (4) two-story brick office buildings located in Union, NJ. These four properties, which total 100,000 sf were 83% leased at the time of closing. Financing was provided through one of our banking relationships. The loan provided 3 years of I/O at an initial interest rate of 5.5%, with a 5 year initial term and a 5 year option. The loan also provided condo sale releases if the borrower chooses to sell the individual units.
G.S. Wilcox & Co. arranges commercial real estate mortgage loans through their competitive lending relationships and has built a servicing portfolio of over $1.1 billion since their beginnings in 1994. G.S. Wilcox & Co. services New Jersey and parts of New York and Pennsylvania. The Company is headquartered in Morristown.
G.S. Wilcox & Co.
www.gswilcox.com
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