$29M Loan to Renovate 50 Tice Blvd

50 Tice Blvd. was once the leader in market rents and amenities in its sub-market in Woodcliff Lake, NJ. Capstone Realty Group recently borrowed $28.5 million from Blue Vista Finance to renovate and revitalize the 247,614-square-foot office complex.

Built in 1984, the property is currently 82% occupied with approximately 30% of its tenancy rolling in the near term.

“Lenders competitively bid the value-add opportunity with various future funding structures, and ultimately Blue Vista stepped up and aligned well with the capital and leasing plan,” said John Alascio of Cushman & Wakefield Equity, Debt & Structured Finance, which advised Capstone in the transaction.

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