CBRE ARRANGES $11.5 MILLION REFINANCING IN N.J.

MILLBURN, N.J. — CB Richard Ellis (CBRE) has arranged an $11.5 million loan for the refinancing of 16 and 33 Bleeker St. in Millburn. The property totals 178,000 square feet; it was acquired by the current owner/user, Elie Tahari Ltd., in 2004 and was subsequently renovated, which added an office component to it and expanded the mezzanine area. The financing carries a 5-year term and a 60 percent loan-to-value ratio. The floating interest rate of the previous loan was converted to a 5.47 percent fixed rate. The lender was a large commercial bank. Keith Braddish, Jason Gaccione and Rayna Karaivonov of the New York City office of CBRE Capital Markets partnered with Jim Gunning and Donna Falzarano of CBRE's Saddle Brook, N.J., office to secure the financing package. Bruce Beegel, also of CBRE, assisted in the deal.