New jersey — G.S. Wilcox & Co. announced the successful arrangement of $26.25 million in financing for a 48,268 s/f retail/medical office property located in Hoboken, and $5.4 million in refinancing for a 28,645 s/f grocery property in Madison.
The Hoboken property’s financing was arranged with a 7-year term and full-term interest-only payments, while the Madison property’s refinance was secured with a 15-year term and a 30-year amortization. Principal David Fryer originated the Hoboken transaction, while partner Bridget Wilcox and principal Al Raymond handled the Madison refinance. The financings were provided by correspondent life insurance companies to repeat clients of G.S. Wilcox & Co.
The Hoboken property is fully occupied by two credit-rated tenants: a pharmacy, a bank branch, and a primary care center.
Fryer said, “One of the managing members of the borrower has been a client for over two decades, and I have always been enamored by this property they have owned. It has to be some of the most valuable dirt in NJ, and it was a pleasure being able to assist them in refinancing this great property.”
The Madison property is fully leased to a national specialty grocer. This grocer has served Madison and surrounding communities for over 20 years. Located off a high-traffic road, the property benefits from excellent visibility and accessibility, making it a prime destination for local shoppers and passersby alike. Bridget Wilcox, who sourced the loan for the Madison property, said: “We are thrilled to offer long-term financing to our repeat client for a prominent asset in Madison. We have a long-standing relationship with both the lender and borrower, and the lender was able to win the deal by providing best-in-market pricing for a 15-year deal.”
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