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CBRE Group Inc. completes $38 million refinancing for Parsippany property

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Commercial real estate firm CBRE Group Inc. announced Friday that its Debt & Structured Finance team has completed a $38 million refinancing of a fully-leased Parsippany office building.

According to the announcement, The CBRE team of James Gunning, Donna Falzarano and Evan Kleppe, secured a 10-year, $38 million loan at a 5 percent interest rate through Relius Financial, on behalf of the borrower, Jeffroad Green LLC.

The loan was secured by a fully occupied 206,155-square-foot office building at 399 Jefferson Road. Pinnacle Foods and Biomet Spine & Healing Technologies each signed long-term lease, the announcement said.

The announcement said the owner, in securing the leases for the property, also secured approvals for and completed construction of a 28,000-square-foot building expansion. More than $24 million was invested into the tenant spaces.

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Emily Bader

Emily Bader

Emily Bader is the copy and web editor at NJBIZ. She is a Brielle, N.J. native and a Rutgers University alum. You can contact her at emilyb@njbiz.com or @emilybader on Twitter.

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