By Joshua Burd
An investor has secured $19.4 million in financing in connection with an office building in Middlesex County and a second near Philadelphia, according to G.S. Wilcox & Co.
The mortgage banking firm, which arranged the loans, said the deals include $7.2 million to refinance a 100,000-square-foot, multitenant office building in Piscataway. Kansas City Life Insurance Co. provided the 10-year fixed-rate financing for the property, which has easy access to and visibility from Interstate 287.
The second loan, provided by Minnesota Life Insurance Co., totaled $12.2 million for the acquisition of a 76,000-square-foot, multitenant office building in Bala Cynwyd, Pennsylvania. The financing came with a 10-year fixed-rate term, G.S. Wilcox said, noting that the property is a 30-minute drive from Philadelphia and close to the affluent Main Line district.
Partners Wesley and Bridget Wilcox placed the loans for an undisclosed New Jersey-based investor, both with correspondent life insurance company lenders.
“G.S. Wilcox & Co. is pleased to secure such favorable terms for these two well-located office properties despite the challenges this asset class has faced over these past few years,” the team said in a prepared statement.