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G.S. Wilcox closes $32M in financing for nearly 1M square feet

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The full-service mortgage banking firm G.S. Wilcox & Co., of Morristown, announced today it has closed $32.25 million in financing for 950,000 square feet of combined industrial space at four properties.

The transactions were arranged by Gretchen Wilcox, president and Al Raymond, principal.

According to the announcement, four loans totaling $27.75 million were originated with Thrivent Financial for Lutherans, with the borrower being Forsgate Industrial Partners. The properties were located at 18 Thatcher Road and 1165 Cranberry South River Road, in South Brunswick; 75 Oxford Drive, Moonachie; and 100 Central Ave., Teterboro. The rates were fixed for 10 years with a 20-year amortization.

A 15-year fixed rate loan with a 25-year amortization totaling $4.5 million also was completed for the refinancing of Abill Plaza, a 114,000 square feet mixed-use property in Totowa.

The lender was Minnesota Life Insurance Co. through its investment entity, Advantus Capital Management Inc.

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