By Joshua Burd
An affiliate of The Hampshire Cos. has secured $8.5 million to refinance a Teterboro industrial building spanning more than 86,000 square feet, in a deal arranged by G.S. Wilcox & Co.
In a news release, the debt placement team said Mutual of Omaha provided the loan in connection with the multitenant building, whose address was not disclosed. G.S. Wilcox President Gretchen Wilcox and Principal Al Raymond arranged the transaction, noting that the financing has flexible prepayment and a 30-year amortization after an interest-only period.
The team added that the property, which was built in the 1960s, houses 21 tenants and offers quick access to Interstate 80, Route 17, Route 46 and the New Jersey Turnpike.
“Mutual of Omaha was able to provide very competitive financing while adapting to a unique borrowing structure and other obstacles,” Wilcox said. “Lenders still have a strong appetite for industrial buildings in easily accessible locations such as this.”
