100 Overlook Center in West Windsor — Courtesy: Cushman & Wakefield
By Joshua Burd
The buyer of a Princeton-area office building has obtained nearly $30 million in acquisition financing, in a newly announced transaction by Cushman & Wakefield.
Brokers with the firm represented the borrower, The Cali Group, in sourcing the loan for its purchase of the 158,180-square-foot property at 100 Overlook Center in West Windsor. Streamline Realty Funding is providing the three-year, $29.7 million loan.
“Despite the complex conditions in the lending market, the property’s quality tenancy, prestigious location and experienced sponsorship drove a highly competitive capital markets execution,” said John Alascio, a member of C&W’s equity, debt and structured finance group. “We’re grateful for the opportunity to represent The Cali Group in the financing of this exciting acquisition.”
The team of Alascio, Sri Vankayala, Chuck Kohaut and TJ Sullivan completed the assignment, noting that 100 Overlook is 91 percent leased to tenants including the Trustees of Princeton University, Regus and Certara USA. The property boasts a main lobby, centrally located lobby areas on each floor and a covered parking garage.
“Streamline was quickly able to recognize the project’s compelling value proposition and worked with the sponsor to provide creative loan terms tailored to meet their unique needs,” Kohaut said. “This accretive financing will provide The Cali Group with the flexibility to successfully execute their business plan.”
The brokerage team also highlighted the building’s location directly off of Route 1 and Alexander Road, which provides quick access to interstates 295 and 95. Meantime, the site is minutes from Princeton University and NJ Transit’s Princeton Junction station.
“Although COVID-19 has greatly impacted the economy, Cushman & Wakefield and Streamline Realty Funding were able to execute effectively despite impediments and complications thrown their way,” said John R. Cali, principal of The Cali Group.
