Glenpointe in Teaneck — Courtesy: JLL
By Joshua Burd
Alfred Sanzari Enterprises Inc. has secured $32 million to refinance two pieces of its flagship Glenpointe campus in Teaneck, in a newly announced deal by JLL.
According to the debt placement team, the loan is tied to Glenpointe Centre East and the Atrium at Glenpointe at 300 and 400 Frank W. Burr Blvd., respectively, which make up a combined 320,000 square feet within the 670,000-square-foot office campus. JLL sourced the 10-year, fixed-rate financing through Securian Asset Management, which originated the loan on behalf of the lender, Minnesota Life Insurance Co.
The JLL team working on the borrower’s behalf included Senior Managing Director Thomas R. Didio, Senior Director Thomas E. Didio Jr. and Analyst Salvatore Buzzerio.
“JLL was pleased to assist the borrower in securing permanent financing from Securian Asset Management for the refinancing of Glenpointe Centre East and the Atrium at Glenpointe,” Thomas E. Didio Jr. said. “Securian recognized the strength of the Class A suburban office assets and the exceptional local demographics and transportation infrastructure, and provided competitive financing terms for a strong borrower in a volatile capital markets environment.”
In announcing the deal, JLL highlighted Glenpointe’s location at the intersection of interstates 80 and 95 and its nearby access to the Garden State Parkway and the New York State Thruway. Originally built in 1982, Glenpointe Centre East and the Atrium at Glenpointe are 94.5 percent occupied, encompassing a seven-story, 240,0000-square-foot property and a two-story structure with an additional 80,000 square feet of office and common area space.
Both buildings benefit from the campus’ amenities, which include 700 hotel rooms across three on-site hotels, along with the 26,000-square-foot Glenpointe Fitness, a 2,400-space parking garage and an additional 730 surface spaces.
