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Single-Tenant Parsippany Office Scores Life Company Refi
Arrow Real Estate Advisors arranged a $21.45-million refinancing for Signature Acquisitions secured by a 203,506-square-foot Class A office property located at 14 Sylvan Way, Parsippany, NJ. The loan was provided by Symetra Life Insurance, and the transaction was brokered by founder and managing partners Morris Betesh, SVP Omar Ferreira, associate Jacob Petrovic and analyst Jonah Schultz.
“Single-tenant office transactions require a clear credit story and a long-term perspective, particularly when lease rollover is part of the underwriting discussion,” said Betesh. “In this case, the strength of the tenant, the triple-net structure, and the quality of the asset created a compelling opportunity for life company capital.”
The property is fully leased on a triple-net (NNN) basis to Travel + Leisure, providing strong and durable cash flow. Arrow said the combination of single-tenant credit tenancy, NNN lease structure and location within one of Northern New Jersey’s most established suburban office corridors positioned the property as a compelling candidate for institutional life company capital.
- ◦Financing
