Jones Lang LaSalle

$20M Refinances 510,000-SF Business Park
By Eric Peterson
Last updated: February 22, 2006 09:19am

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MAHWAH, NJ-Ivy Realty has refinanced its holdings at the Mahwah Business Center to the tune of $20 million. The funding covers a total of 510,000 sf of office and industrial space at 16, 70-82 and 91-97 McKee Dr.

It was arranged for the Montvale-based Ivy Realty, by David Archibald, the firm's senior investment officer. Holliday Fenoglio Fowler was the mortgage broker and Aetna was the lender.

"This debt facility enables Ivy to convert a floating-rate loan to fixed at an attractive rate," Archibald says. "Given the recent run-up in short-term rates, we feel more comfortable with a fixed-rate structure. Additionally, the loan will provide capital to fund upcoming lease transaction costs, which include the recent 90,000-sf, long-term lease with Prestige Toyota."
The latter transaction, reported by GlobeSt.com in mid-fall , was signed by Prestige of Bergen Inc., an auto dealership based in Ramsey, for it Prestige Toyota unit. The warehouse space is being converted into a service center with administrative offices. The lease carries a term of eight years.

Ivy Realty, a subsidiary of Ivy Equities, currently has a portfolio in the 3.5-million-sf range. Mahwah Business Center, consisting of a series of one-story buildings, was built in 1968 and renovated in 1990.