Developer Abraham Brach has landed $44 million of leasehold financing for his acquisition of an office property in Princeton, N.J., Commercial Observer has learned.
BridgeCity Capital originated the debt package, which secured Brach’s fee interest in 7 & 9 Roszel Road, a 302,454-square-foot office complex he acquired for $89 million from John Hancock Life Insurance Co. The loan covers a 12-month period with extension options and a loan-to-value ratio of 75 percent.
Kawa Capital Management also closed on a $45 million ground lease deal for the property, which meant Brach only had to contribute closing costs for the acquisition.
“This leasehold mortgage represents a rare opportunity of a fully occupied, corporate-backed, Class A asset coupled with a Class A sponsor,” said BridgeCity CEO Allan Lebovits.
Moishe Loketch, director of investor capital at BridgeCity, also assisted in closing the transaction.
The property is fully leased with Bristol Myers Squibb, Bank of America Merrill Lynch and Miami International Holdings among its tenants. It is located three miles from Princeton University.
Brach and Kawa Capital Management officials did not immediately return requests for comment.
Andrew Coen can be reached at [email protected].