Cushman & Wakefield announced Thursday that it arranged a $22.5 million loan to refinance a premier office asset in Rochelle Park. The transaction involved securing a five-year, fixed-rate loan for the owner, Bergman Real Estate Group, with Deutsche Bank acting as the lender.
Cushman & Wakefield served as the exclusive advisor to the borrower in arranging the financing for the property, located at 365 West Passaic Street. The deal was advised by Cushman & Wakefield’s team, including Brian Anderson and Eddie Miro.
The refinanced property is a substantial 218,500-square-foot, five-story office building situated in Bergen County.
Strategic location drives demand
The property’s strong appeal was a key factor in securing the refinancing, a point highlighted by Brian Anderson.
“365 West Passaic is a standout office building with a strong tenant mix and incredible location right across from Garden State Plaza,” shared Anderson. “The location is highly connected to the rest of the state and easily accessible to Manhattan, offering a convenient office environment for tenants.”
The building’s strategic position at Exit 160 of the Garden State Parkway provides immediate access to major thoroughfares, including Routes 4, 17, 46, 208, and I-80. It also features a NJ Transit bus stop directly in front of the property, placing it just nine miles from the George Washington Bridge and approximately 20 minutes from Manhattan.
Anderson noted that the successful refinancing underscores the sustained demand for high-quality office space in the suburban New Jersey market.
Building amenities
The property at 365 West Passaic Street is designed to accommodate a diverse range of tenants, offering flexible floor plates that can service users from 1,000 to 50,000 square feet. Amenities include a full-height atrium lobby, a full-service café with seating, two elevator banks, and ample surface parking. The asset is supported by professional on-site ownership and management, contributing to its strong tenant retention.
