Firm scores loans to buy out office building partner

A 200,000-square-foot office building in Fairfield has been recapitalized by ownership, with the assistance of the real estate firm Holliday Fenoglio Fowler L.P.

Accordia Realty Ventures, owner of the 203,028-square-foot Class A building called Greenbrook Executive Center, received two loans: $22.425 million over 10 years from Silverpeak Argentic and $4.575 million over 10 years from Morrison Street Capital.

The $27 million in loans enabled the real estate firm to buy out its equity partner, Guggenheim Real Estate. The two had owned the building at 100 Passaic Ave. jointly since 2006, HFF said.

“Having our headquarters at Greenbrook, it was important to us to maintain ownership of the property,” Jason Bogart, principal at Accordia, said in a prepared statement. “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.”

Read More.

Related posts

Accordia, Kearny Bank ink 26,000 sq. ft. lease for lender’s expansion in Fairfield

By Joshua Burd Kearny Bank is expanding its corporate footprint in Fairfield by nearly...

Continue reading

Accordia adds three tenants, completes lease-up of new-look retail space

The Shoppes at Godwin at 644 Godwin Ave. in Midland Park — Courtesy: Accordia Realty...

Continue reading

Accordia: Tenant at Fairfield office building expands again, adding 5,000 sq. ft.

By Joshua Burd Accordia Realty Ventures has secured a lease expansion at a Fairfield office...

Continue reading

Join The Discussion