1200 Route 22 in Bridgewater — Courtesy: Spencer Savings Bank
By Joshua Burd
The owner of a medical office building in Bridgewater has secured nearly $8 million in permanent financing, in one of two recent closings by Spencer Savings Bank.
According to the lender, Vice President Dana Berlin and Senior Vice President Michael Claisse of its commercial real estate lending team helped originated the loan to an undisclosed borrower. The asset is a three-story, 112,000-square-foot building on Route 22.
“This was a great fit for Spencer Savings Bank’s initiative to increase its loans on Class A medical office buildings in northern and central New Jersey,” said Berlin, a commercial real estate loan officer. “The borrowers have a long and positive track record through more than one real estate cycle. Their strength of experience managing investment properties and the strong cash flow from the property made this an attractive opportunity to commence this banking relationship.”
Spencer, which is based in Elmwood Park, also recently closed on nearly $5 million in financing for a 52-unit senior affordable housing property on Thomas Street in Newark. Vice President and Client Manager Jim Meicke and Claisse were listed as the origination team.
