By Joshua Burd
The owner of a commercial property in downtown Hoboken has obtained more than $26 million in financing, in one of two recent transactions by G.S. Wilcox & Co.
According to a news release, the building spans 48,268 square feet of retail and medical office space on Washington Street that’s steps from Hoboken Terminal. The fully occupied property is home to a credit-rated pharmacy and bank branch, as well as a primary care center.
G.S. Wilcox Principal David Fryer sourced the $26.25 million transaction with one of the firm’s correspondent life insurance companies, noting that the loan has a seven-year term with full-term interest-only payments.
“One of the managing members of the borrower has been a client for over two decades and I have always been enamored by this property they have owned,” Fryer said. “It has to be some of the most valuable dirt in New Jersey and it was a pleasure being able to assist them in refinancing this great property.”
In the second deal, the owner of a 28,645-square-foot grocery property in Madison refinanced for $5.4 million, the news release said. Another life insurance company provided the debt with a 15-year term and 30-year amortization, with G.S. Wilcox Partner Bridget Wilcox and Principal Al Raymond spearheading the deal.
They noted that the property, which is just off a high-traffic road, is fully leased to a national specialty grocer that has served Madison and surrounding communities for more than 20 years.
“We are thrilled to offer long-term financing to our repeat client for a prominent asset in Madison,” Wilcox said. “We have a longstanding relationship with both the lender and borrower and the lender was able to win the deal by providing best-in-market pricing for a 15-year deal.”
