Permanent Loan - Refinance$16,250,000
147,077 sf Office Building
Axiom Capital Corp. has structured and arranged the closing of a $16,250,000 permanent loan for the refinance of an office building in Mahwah, NJ. The 10 year non-recourse loan was closed at a fixed rate. The loan demonstrated a 65.3% Loan to Value and a 1.34x Debt Service Coverage Ratio amortized over 30 years.
The subject property is a 147,077 SF office building located in the Sharp Plaza Complex. The building was constructed in 1985 and is situated on a 56.8 acre parcel which is also home to a neighboring 350,403 SF industrial building. Between 2009 and 2014 there were approximately $2.7 million in renovations to the roof, parking lot, and first floor as well as an HVAC replacement. At the time of close, the building was undergoing $7.5 million in renovations including: new LED lighting, new ceilings, updating and upgrading of the office layout and finishes, glass wall installations, and remodeling of common areas such as bathrooms, breakrooms, kitchens and conference rooms. The building is 100% leased to Sharp Electronics Corporation an investment grade tenant with a Moody’s rating of BB+.
The plaza is extremely well located in Mahwah, Bergen County, New Jersey at the intersection of the New York State Thruway, Interstate 287, and Route 17. Bergen County is home to some of the most successful and fastest growing companies including Becton Dickson, Stryker, BMW of North America, and KPMG. The Township offers business the benefits of a central location, highway access, and an educated labor pool. Mahwah is 30 miles from New York City, 20 miles from White Plains, NY and 30 miles from Fairfield County, CT.