CBRE’s Debt & Structured Finance team announced the closing of a $53.6 million loan secured by 445 South St. in Morristown.
Morgan Stanley provided the 10-year, interest-only loan to Strategic Real Estate LLC to finance the sponsor’s prior all-cash acquisition of the office complex.
CBRE’s James Gunning, Donna Falzarano and Kyle Saviano sourced the financing and arranged the loan on behalf of the building sponsor.
“Given the quality of the asset, its credit-rated tenant roster and strength of the sponsorship, several large capital providers competed heavily. Morgan Stanley offered the most competitive terms available with minimal required structure at very attractive pricing,” said Falzarano, vice president, CBRE.
445 South St. is a 320,274-square-foot building that is home to a tenant roster including Travelers Insurance, Covanta Energy Corp., Marsh USA and Arch Reinsurance Co.
The property boasts a comprehensive amenity package that includes a two-story atrium lobby finished in woods and natural stone, a full-sized outdoor basketball court, a full-service cafeteria, a training center, two common area conference rooms, a fitness center and ample parking.