By Joshua Burd
Prism Capital Partners has obtained nearly $6.3 million in financing for its purchase of a 53,000-square-foot mixed-use building and parking garage in Rutherford.
G.S. Wilcox & Co., the Morristown-based mortgage banking firm, arranged the debt for the borrower, noting that the property is nearly 100 percent vacant. A10 Capital originated the $6.255 million bridge loan, which has a three-year floating rate term.
Wesley Wilcox, a partner with G.S. Wilcox, and Albert Raymond, a principal, completed the assignment.
“G.S. Wilcox & Co. is pleased to secure such favorable terms for our client on this great transit-oriented asset,” Wilcox said. “We are excited to see our client transform this asset into the premier mixed-Use property in downtown Rutherford.”
The firm said the property, whose address was not disclosed, has 429 parking spaces and enjoys strong vehicle and foot traffic. It’s also close to the borough’s NJ Transit station, which provides direct service to Hoboken and access to Manhattan in under 40 minutes.
