Financing is Secured by Airport Executive Plaza in Wall Twp., NJ
Hackensack, NJ, January 28, 2014 – Silver Arch Capital Partners has completed $3.25 million in DPO financing for Airport Executive Plaza, an office property situated at 1670 Route 34 in Wall Twp., NJ. The financing, which was utilized for a discounted payoff on an existing mortgage on the property, carries a term of one year with the option for two six-month extensions.
The property totals 9.32 acres, including 4.74 usable acres and the remainder within a conservation easement. It is improved with a 21,400-square-foot, three-story office building and a 1.64-acre pad site approved for construction of an identical office building.
“It is the borrower’s intention to repay the financing through the sale of the pad site and conventional refinancing,” said Jeffrey Wolfer, president and CEO of the Hackensack, NJ-based Silver Arch Capital Partners, a national private lender.
The existing office building, which sits across Rt. 34 from the entrance to the Monmouth Airport, is currently 79% leased to five tenants – Northwestern Mutual, UTCA, CCMS Corp., Allstate Insurance and Tomoro LLC. The property is located in Monmouth County, one mile west of the Garden State Parkway and three miles from the Atlantic Ocean and beachfront amenities.
“I had been working with various lending institutions for well over a year trying in vain to secure financing for a distressed property that I own. Despite generating a great deal of data and spending a considerable amount of money in fees, I was unable to obtain a credible and reasonable lending source,” said Lino DeAlmeida, the borrower.
“Silver Arch Capital Partners was introduced to me by a broker. They were professional, diligent, and reacted quickly to my needs. They structured a financing package that met my needs and helped me turn a bad situation into a solid real estate holding. Their advice and knowledge were priceless and once some open issues got cleaned up the deal proceeded to closing in an expedited and timely manner. I would highly recommend Jeff Wolfer and his team of professionals.”
Silver Arch Capital Partners is a leading nationwide bridge loan lender to the commercial real estate market, specializing in bridge loans to owners, investors and developers in need of funding outside the scope of traditional banks and lenders. Its partners, who have closed over $2 billion in loans, have the knowledge and insight to guide a borrower through the entire loan process, from initial review through closing.
Silver Arch offers loans from $1 million to $50 million with the flexibility and creativity to review projects of every type — multifamily, office, retail, industrial, hotel, data centers and land — and to offer funding for almost every purpose — restructurings, discounted payoffs, purchase of notes and property improvements. The company’s new expanded Lending Program now includes bridge loans from $1million – $20million with rates as low as 7% and 2 points.