Cushman & Wakefield announced today that it served as exclusive advisor to an affiliate of Alfred Sanzari Enterprises in arranging a $32 million non-recourse financing for Glenpointe Centre West, an office property in the Glenpointe Complex in Teaneck, NJ. The 12 year fixed-rate financing was provided by AXA Equitable Life Insurance Company through its advisor, Quadrant Real Estate Advisors.
Glenpointe Centre West consists of 333,000 square feet of Class-A office space and is 99.5 percent occupied. The entire Glenpointe Complex is considered one of New Jersey’s preeminent mixed-use developments with approximately 650,000 square feet of cutting-edge, headquarters-quality office space, a full-service 345-room Marriott Hotel and Conference Center, a state-of-the-art spa and fitness center, and enclosed parking garage.
David Schaiman, Managing Director of Cushman & Wakefield’s Equity, Debt & Structured Finance group represented an affiliate of Alfred Sanzari Enterprises.
“Our team of professionals have had an excellent experience working with the Sanzari Organization, who are preeminent, highly professional owners and managers of a portfolio of successful Class-A properties, which they have developed, maintained and owned for the last 40 years,” said Mr. Schaiman. “The quality of the product and the borrower enabled us to obtain a 12 year loan with terms reflecting today’s advantageous borrower market."