3 Paragon Drive in Montvale — Courtesy: HFF
By Joshua Burd
The buyer of a nearly 94,000-square-foot office building in Montvale has secured $9.94 million in acquisition financing, under a transaction arranged by brokers with HFF.
The capital markets firm announced Thursday that it worked on behalf of the borrower, Ramapo, New York-based Northeast Capital Group, to source the loan for its purchase of 3 Paragon Drive. Valley National Bank is providing the five-year, fixed-rate financing.
The HFF debt placement team included Managing Director Michael Klein and Senior Director Porter Terry.
“The high-quality property features many attributes that lenders were attracted to including a prime location within Bergen County that provides access to the local highway infrastructure, as well as a long-term anchor tenant that has demonstrated its commitment to the building,” Klein said. “As a result, there was significant interest in this transaction from local and regional banks. Valley National Bank was able to provide a highly competitive deal that best met the borrower’s needs.”
