Cushman & Wakefield on Friday said it was named the exclusive adviser to the Birch Group in the procurement of $31.31 million in acquisition financing for 4 Gatehall, a 265,649-square-foot, Class A office property in Parsippany. The three-year loan was provided by Money360.
A Cushman & Wakefield equity, debt & structured finance team of John Alascio, Chuck Kohaut, T.J. Sullivan and Meredith Donovan represented the borrower.
“The property’s high-quality tenancy, prestigious corporate location and best-in-class sponsorship drove a highly competitive capital markets execution,” Alascio said. “We’re grateful for the opportunity to represent the Birch Group in the financing of this exciting acquisition.”
Located at located at 4 Gatehall Drive, the asset features a strong roster of corporate headquarters tenants, including B&G Foods, McCabe Heidrich & Wong, GSH Group and Esseco USA. The property boasts a recently renovated amenity package including a full-service cafeteria, state-of-the-art fitness center and conference facility. The Birch Group will be continuing capital improvements at 4 Gatehall with extensive updates to the building’s exterior and full upgrades to the property’s front and rear lobbies, restrooms and common areas.
“Money360 was quickly able to recognize the project’s compelling value proposition and worked with the sponsor to provide creative loan terms tailored to meet their unique needs,” Kohaut added. “This accretive financing will provide the Birch Group with the flexibility to successfully execute their business plan.”
“As we continue to expand our portfolio of trophy office assets in key markets throughout the state, we’ll remain steadfast in our hands-on and diligent approach to asset management,” said Christopher DeLorenzo, executive vice president at the Birch Group. “With recently upgraded amenities and our additional improvements at 4 Gatehall combined with the property’s prime location in the heart of the Morris County business corridor, we see tremendous upside with this asset.”
Situated at the intersection of Routes 202 and 10 just two miles from both Interstates 287 and 80, 4 Gatehall offers a highly accessible location with proximity to a rapidly expanding lifestyle amenity base within walking distance.