Brookwood Financial Partners LLC secured a $69.5 million bridge loan for its acquisition of the Morris Corporate Center I & II in Parsippany, NJ.
CBRE's debt and structured finance group arranged the loan, provided by Starwood Property Trust, Inc. of Los Angeles. Some of the three-year, interest-only floating rate loan will go towards property upgrades and aggressive marketing to bring the building to full occupancy.
Charles Foschini and Christopher Apone of CBRE's debt and structured finance group and Christian Lee of CBRE's capital markets institutional properties group arranged the financing for the borrower.
Morris Corporate Center I totals 261,924 square feet and Morris Corporate Center II totals 267,438 square feet on a 182-acre corporate campus. The property is currently 78-percent occupied to multiple tenants.