$30m on book refi

Real Estate Weekly,  May 21, 2008  

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GE Real Estate provided $30.65 million to Vision Equities to refinance Parkway 120, a Class A office building in northeastern New Jersey.

The five-story, 211,871 s/f building is located in Old Bridge, NJ. Parkway 120 was built in 2001 and acquired by Vision Equities in September 2006. Vision Equities has since increased occupancy from 47 to 79% signing new leases with Fragomen Del Rey, Healthnet and VSNL.

The GE Real Estate loan was funded under GE Real Estate's Flexible Fixed-Rate Finance Program.

The loan was funded at a debt service coverage of close to a 1.0x DSC based on in-place NOI at closing for a deal that has immediate upside potential, he loan is interest only for a period of two years and offers three-one year extension options.

Other key provisions include a flexible pre-payment schedule, no MAI appraisal required, in-house asset management, and future fundings available with no interest paid until funded.

"GE Real Estate recognizes our continued ability to perform and provided us with a low-cost, flexible fixed-rate loan despite the significant changes in the credit markets," said Fred Arena, managing partner with Vision Equities. "We appreciate their confidence in us and look forward to partnering again on other investment opportunities."

This is the second transaction between GE and Vision Equities.

COPYRIGHT 2008 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning