February 12, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announced that it has arranged the recapitalization of Greenbrook Executive Center, a 203,028-square-foot, Class A office building in the Northern New Jersey community of Fairfield.
HFF worked on behalf of the borrower, Accordia Realty Ventures (Accordia), to recapitalize the asset with a $22.425 million, 10-year securitized loan with Silverpeak Argentic (Silverpeak) and a $4.575 million, 10-year mezzanine loan with Morrison Street Capital (Morrison Street) totaling $27 million in loan proceeds. This provided Accordia with the flexibility to buy out their institutional equity partner, Guggenheim Real Estate, who they have owned the asset with since 2006.
Greenbrook Executive Center is a three-story, Class A office building located at 100 Passaic Avenue less than two miles from the Willowbrook Mall and Interstate 80 and Route 46, two of the main highways in the state that provide easy access to the Garden State Parkway, Interstates 280 and 287, and Routes 3 and 23. Since taking ownership in 2006, Accordia has invested several million dollars into the property to maintain its status as the premier office building in the submarket.
“Having our headquarters at Greenbrook, it was important to us to maintain ownership of the property,” said Jason Bogart, principal at Accordia. “We were under a very short and rigid time frame to accomplish the sale. The HFF team did an extraordinary job of coordinating a very complex transaction allowing us to close on time.”
The HFF debt placement team representing the borrower was led by senior managing director Jim Cadranell and director Matthew Pizzolato.
“We were happy to be a part of this transaction and provide Accordia with a creative, all-debt solution that allowed them to buy out their equity partner and retain full ownership of the asset,” Pizzolato said. “Accordia has been headquartered at the property since they purchased the asset in 2006 and we knew how important this transaction was for them. Silverpeak and Morrison Street stepped up to the plate and provided excellent terms and a seamless execution.”