Firm scores loans to buy out office building partner

By Eric Strauss
Fairfield | Feb 12, 2019 at 11:23 am

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.”

The HFF debt placement team representing the borrower was led by Jim Cadranell, senior managing director, and Matthew Pizzolato, director.

“We were happy to be a part of this transaction and provide Accordia with a creative, all-debt solution that allowed them to buy out their equity partner and retain full ownership of the asset,” Pizzolato said in a statement.

Eric Strauss | estrauss@roi-nj.com | acerimrat