Alfred Sanzari Enterprises’ acquired a $32 million refinancing loan for Glenpointe Centre East and the Atrium in Teaneck, according to a Thursday announcement from JLL Capital Markets.
The JLL team of Senior Managing Director Thomas Didio, Senior Director Thomas Didio, Jr. and Analyst Salvatore Buzzerio worked on behalf of Sanzari to secure the 10-year, fixed-rate loan through Securian Asset Management, which originated the loan on behalf of the lender, Minnesota Life Insurance Company.
The two Class A office buildings, Glenpointe Centre East and the Atrium at Glenpointe, total 320,000 square feet and are located at 300-400 Frank W. Burr Blvd. in the prestigious 670,000-square-foot Glenpointe corporate campus within Northern New Jersey’s Bergen County. The properties have immediate access to Interstates 80 and 95 and nearby access to the Garden State Parkway and the NY State Thruway providing connectivity throughout the greater Northern New Jersey and Tri-State area.
Originally built in 1982, Glenpointe Centre East and the Atrium at Glenpointe are 94.5% occupied. The seven-story Glenpointe Centre East property encompasses 240,000 square feet of Class A office space, and the two-story Atrium at Glenpointe offers an additional 80,000 square feet of Class A office and common area space. Both buildings benefit from the campus’ amenities, which includes 700 hotel rooms across three on-site hotels; Glenpointe Fitness, a 26,000-square-foot health club and spa; a 2,400-space, enclosed four-level parking garage; and an additional 730 surface spaces.
“JLL was pleased to assist the borrower in securing permanent financing from Securian Asset Management for the refinancing of Glenpointe Centre East and the Atrium at Glenpointe,” said Thomas E. Didio, Jr. “Securian recognized the strength of the Class A suburban office assets and the exceptional local demographics and transportation infrastructure, and provided competitive financing terms for a strong borrower in a volatile capital markets environment.”
