SOURCE: Sonnenblick-Eichner Company

Sonnenblick-Eichner Company

February 01, 2011 11:00 ET

Sonnenblick-Eichner Company Arranges $21.3 Million of First Mortgage Financing for One Centennial Plaza, Piscataway, New Jersey

BEVERLY HILLS, CA--(Marketwire - February 1, 2011) - Sonnenblick-Eichner Company announced today that it has arranged $21,300,000 of first mortgage financing for the fee simple interest in One Centennial Plaza, a 121,286 square foot, two-building office complex located in the One Centennial Plaza Business Park in Piscataway, New Jersey. The 10-year, non-recourse, fixed rate Private Placement financing was issued by a major domestic Life Insurance Company. Pricing on the transaction was at a spread of less than 200 basis points over the corresponding treasury rate.

The property is leased to American Standard Inc., a subsidiary of Ingersoll Rand (NYSE: IR), and is located adjacent to Ingersoll Rand's former U.S. corporate headquarters facility. A credit tenant lease structure provided for a loan of approximately 100% of asset value, resulting in proceeds sufficient to pay all of the borrower's costs associated with the transaction.

David Sonnenblick, a Principal of Sonnenblick-Eichner Company, commented, "Though Piscataway is not recognized as a strong office market, we were able to generate interest from multiple institutional lenders due to the quality of the tenant coupled with the return of liquidity to the real estate debt markets."

About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills-based real estate investment banking firm that specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing as well as joint-venture equity transactions. The company is recognized for its expertise in marketing institutional real estate for sale and providing capital for all product types including retail, office, hospitality, industrial and multifamily properties. 

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