New York & Tri-State + Tri-State + Office | February 13, 2019

Recap Brings Northern NJ Offices Under Sole Ownership

HFF has arranged the recapitalization of Greenbrook Executive Center, a 203,028-square-foot, Class A office building at 100 Passaic Ave. in Fairfield, NJ. A debt placement team led by Jim Cadranell and Matthew Pizzolato worked on behalf of Accordia Realty Ventures to arrange a buyout of Accordia’s equity partner in the three-story property, Guggenheim Real Estate.

The team arranged a $22.425-million, 10-year securitized loan with Silverpeak Argentic, and a $4.575- million, 10-year mezzanine loan with Morrison Street Capital, totaling $27 million in proceeds. This provided Accordia with the flexibility to buy out Guggenheim’s stake in the property the two companies have co-owned since 2006.

“Accordia has been headquartered at the property since they purchased the asset in 2006, and we knew how important this transaction was for them,” said Pizzolato. “Silverpeak and Morrison Street stepped up to the plate and provided excellent terms and a seamless execution.”

Subscribe to Connect Daily New York

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

Connect With HFF's Cadranell and Pizzolato

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).