By Joshua Burd
The owner of a new 70,000-square-foot industrial property in Wayne has closed on $15 million in financing, in one of two newly announced deals by G.S. Wilcox & Co.
According to the mortgage banking firm, the borrower is refinancing an undisclosed single-tenant warehouse in the Passaic County township. A life insurer provided the debt with three years of interest only and what G.S. Wilcox described as a highly competitive rate, noting that it also arranged the original construction loan for the property.
The second deal, a $10.5 million acquisition loan, is tied to a 125,000-square-foot industrial property in Hatfield, Pennsylvania, that was fully occupied by two tenants with long-term leases, Morristown-based G.S. Wilcox said. The transaction comes with a 16-year self-liquidating term at a highly attractive rate.
Bridget Wilcox, a partner with the firm, and Al Raymond, a principal, sourced both loans through the correspondent life insurance company.
“We are pleased to see the completion of both transactions on the behalf of our repeat clients,” Wilcox said in a prepared statement. “The closing on the property in Wayne comes full circle, having arranged the spec construction loan on behalf of the borrower and successfully executing a cash-out refinance upon lease execution.”
