Financing for two office buildings, located in Piscataway and Bala Cynwyd, Pennsylvania, has been arranged by G.S. Wilcox & Co., according to a Tuesday announcement from the Morristown-based company.
Both financings were secured by the team of Partners Wesley and Bridget Wilcox, for a prominent New Jersey based investor from two of the firm’s correspondent life insurance company lenders.
The team obtained $7.2 million to refinance a 100,000-square-foot multitenant office in Piscataway. Kansas City Life Insurance Co. provided the 10-year fixed rate loan. The property features easy access and visibility from Interstate 287.
The second loan, provided by Minnesota Life Insurance Co., totaled $12.2 million for the acquisition of a 76,000-square-foot multitenant office. The financing was also secured on a 10-year fixed rate term. This property is a 30-minute drive from Philadelphia and proximate to the affluent Main Line district.
“G.S. Wilcox & Co. is pleased to secure such favorable terms for these two well-located office properties despite the challenges this asset class has faced over these past few years,” the Wilcox team said in a prepared joint statement.