10 Park Ave. in Hanover — Courtesy: CBRE
By Joshua Burd
The Provident Bank has provided a $24 million loan for a developer to refinance a vacant office building in Hanover, under a transaction arranged by CBRE.
Working on behalf of Ravine Development Co., CBRE’s Capital Markets’ Debt & Structured Finance team secured the loan for 10 Park Ave., a vacant 154,776-square-foot building. The property was built in 2001 and housed MetLife’s international, fixed-income investment division for more than 13 years until the unit moved to the company’s new global headquarters nearby.
With an existing loan on the property set to mature, Ravine Development faced the challenge of finding a capital provider that would underwrite a loan for the property during its temporary vacancy, CBRE said in a news release. The brokers facilitated the bridge loan through the Provident Bank, following an extensive marketing effort to dozens of national and regional banks.
James Gunning, Donna Falzarano and Stephen Joseph of CBRE’s Saddle Brook office secured the loan, which was structured to include funding for tenant improvements and leasing commissions that will go into effect once the owner identifies a tenant for the property.
The building includes a 376-person full-service cafeteria, an on-site fitness center and a multimedia room, the news release said. Located at the interchange of Route 24, the site is minutes from interstates 287 and 80.
