Madison, NJ — Natixis provided $115 million of 10-year, fixed-rate CMBS financing to Lincoln Equities Group on the new Allergan U.S. headquarters located at 5 Giralda Farms in Madison. Natixis anticipates securitizing a senior mortgage loan and syndicating the remaining subordinated debt. Proceeds were used to refinance existing debt and to fund reserves to finance tenant improvements, leasing commissions, capital improvements, and the construction of a new parking facility. The financing was arranged by David Rosenberg, Mark Silbersher, and Rafi Frankel at Deerwood Capital.
The property is located on a 310-acre gated campus and consists of three buildings: a 431,495 s/f class A office building; a 12,985 s/f daycare center; and a 9,200 s/f carriage house that will be used as event space. Allergan won $58 million in tax incentives from the State of New Jersey for the project by pledging to keep 1,000 jobs in the state and to add 300 more. Over $100 million will be invested in the office renovation. Renovations are under way and Allergan plans to take occupancy in August 2017.
Natixis is an active lender in New Jersey, financing many deals across the state in 2016 including $209 million for the Novo Nordisk Headquarters (office) in Princeton, $27 million for 45 Waterview Boulevard (office) in Parsippany, $27 million for Mendham Shopping Center (anchored retail) in Mendham, and $91 million for the Regents Portfolio (medical office) with properties in various locations including Jersey City, Fair Lawn, and Hackensack.