$32M refinancing secured for Class A office buildings in Northern N.J.
JLL Capital Markets led the financing efforts for Glenpointe Centre East and the Atrium at Glenpointe in Teaneck
MORRISTOWN, N.J., August 11, 2022 – JLL Capital Markets announced today that it has arranged a $32 million refinancing for Glenpointe Centre East and the Atrium at Glenpointe, two Class A office buildings totaling 320,000 square feet in Teaneck, New Jersey.
JLL worked on behalf of the borrower, Alfred Sanzari Enterprises, Inc. 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.
Glenpointe Centre East and the Atrium at Glenpointe 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.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas R. Didio, Senior Director Thomas E. Didio, Jr. and Analyst Salvatore Buzzerio.
“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.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Alfred Sanzari Enterprises
Alfred Sanzari Enterprises is a preeminent family-owned and operated commercial and residential real estate firm with over seven decades of multi-generational development and management experience. Rooted in integrity and driven by innovation, Alfred Sanzari Enterprises is committed to responsible, modern development that enhances the communities in which they work. Alfred Sanzari Enterprises’ ownership structure and investment strategy allows unique flexibility in sourcing new projects while strengthening their ownership legacy of existing assets. Additional information on Alfred Sanzari Enterprises is available online at www.sanzari.com. To stay connected with Alfred Sanzari Enterprises and for updates on the latest transactions and news follow Alfred Sanzari Enterprises on Facebook, Twitter, Instagram, and LinkedIn.