CBRE Capital Markets announced that it has successfully arranged a $10.1 million cash-out refinancing package for a four-property industrial and industrial outdoor storage (IOS) portfolio located in Clifton and Newton.
Owned by RMR Partners, the portfolio spans approximately 46,640 square feet across properties situated at 310-316 Colfax Avenue in Clifton and 80 Merriam Avenue in Newton. Symetra Life Insurance Company provided the financing for the transaction.
The 10-year refinancing package features a fixed interest rate of 6.20% and a 25-year amortization schedule. The transaction was brokered by the CBRE Capital Markets team, including Judah Hammer and Shamir Seidman.
According to CBRE leadership, the successful execution allows the sponsor to retire existing bank debt following the completion of a value-add program. Achieving full occupancy at the Clifton property was a major catalyst in positioning the portfolio for the long-term financing.
“The successful refinancing demonstrates continued lender demand for well-positioned industrial and IOS assets in strong New Jersey markets,” the firm noted.
