240 West State St. in Trenton — Courtesy: Maverick Commercial Mortgage Inc.
By Joshua Burd
The buyer of a 240,000-square-foot office building in downtown Trenton has secured a $4.5 million acquisition loan, in a deal arranged by Maverick Commercial Mortgage Inc.
According to the advisory firm, a debt fund provided the 12-month variable rate financing, which the borrower used to complete its purchase, pay real estate taxes and carry the loan in connection with the property at 240 West State St. The Potomac, Maryland-based developer plans to convert the 16-story building into a multifamily property after in-place leases expire at the end of this year, Maverick said, noting that the structure has ground-floor retail, a 192-space parking garage across four floors and 11 floors of office space.
The bridge loan will give the borrower sufficient time to process an application for tax credits and prepare architectural and construction drawings for the redevelopment of the property into a multifamily and commercial building, Maverick said, noting that the deal was the firm’s first closing on behalf of the client.
Holly Burke and Kellen Murphy of Murphy Schiller & Wilkes LLP represented the buyer in the deal.
