71,000-SF Office Building Receives $6M Mortgage

PRINCETON, NJ-A local investment group has secured a $6 million mortgage for the Berlitz Building, located at 400 Alexander Park here. Berlitz International occupies the entire 70,550-sf office building, using the space as the worldwide headquarters for Berlitz Languages Inc.

NorthMarq Capital has arranged the transaction. According to Martin Klebanoff, senior vice president and co-managing director of the Northern New Jersey regional office of NorthMarq, Parsippany, NJ, the financing was based on a seven-year term with a 25-year amortization schedule. It was arranged for the borrower through NorthMarq’s correspondent relationship with Genworth Financial.

“We were faced with the challenge of securing fixed-rate financing with no reserves on a building leased to a single tenant whose lease will expire in six years,” Klebanoff says. “Genworth Financial understood the strength of the market, which greatly minimized the risk in the transaction. Market strength, coupled with a quality asset and ownership, closed the deal.”