12:00 AM
NGKF Capital Markets today announced the sale of a non-performing commercial mortgage loan collateralized by 499 Thornall Street in Iselin, New Jersey. The property is a 260,120-square-foot, Class A office building with significant value-add potential, located in Metropark Corporate Campus II, one of New Jersey’s most sought-after submarkets. The holder of the note, Garrison Onyx LLC, a partnership between Garrison Investment Group and Onyx Equities retained NGKF Capital Markets as the exclusive loan sale advisor to conduct the sale and solicit bids of the non-performing loan with a total unpaid balance of approximately $46.7 million.
The marketing and execution of the loan sale was led by Executive Managing Director Steven Schultz along with Managing Directors Tony Georgiev and Josh Malka and with the help of leasing experts Hope Brodsky and Vice Chairman David Simson.
“We are extremely pleased with NGKF’s professionalism and sale process which at the end of the day clearly helped us in achieving the highest and best result,” said John Saraceno Jr. from Onyx. “The timing of this transaction exceeded our expectations and business plan,” added Eric Rosenthal of Garrison Investment.
“Carrying out the sale process on the open market clearly helped achieve the favorable outcome for our client,” noted Schultz.
The collateral is a premium 11-story office building well-positioned to take advantage of the demand for space in one of the most active submarkets of New Jersey. New York Life, BASF, Ernst & Young and Citi Bank are just a few of the large companies represented in the Metropark area. 499 Thornall Street is walking distance to rail service via Metropark Train Station, provides easy access to the Garden State Pkwy, the New Jersey Turnpike, Routes 1, 9, 287 and 440, and is less than a 20 minute car ride from Newark Liberty International Airport, making the location optimal for a variety of commuters. With renovations in 2006 and 2011, the property offers a full-service café, fitness center with locker rooms and showers, plaza and lobby seating areas and an on-site heliport. In addition, the building benefits from numerous nearby restaurants, hotels, shopping centers and malls.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.