Arrow Real Estate Advisors has successfully arranged a $21.45 million refinancing for Signature Acquisitions, secured by a 203,506-square-foot Class A office property located at 14 Sylvan Way, Parsippany, N.J. The loan was provided by Symetra Life Insurance and the transaction was brokered by Morris Betesh, founder and managing partner; Omar Ferreira, senior vice president; Jacob Petrovic, associate, and Jonah Schultz, analyst, of Arrow Real Estate Advisors.
“Single-tenant office transactions require a clear credit story and a long-term perspective, particularly when lease rollover is part of the underwriting discussion,” Betesh said. “In this case, the strength of the tenant, the triple-net structure and the quality of the asset created a compelling opportunity for life company capital. We were pleased to deliver a refinancing that provides Signature Acquisitions with stability and positions the property well for the years ahead.”
The property is fully leased on a triple-net (NNN) basis to Travel + Leisure, providing strong and durable cash flow. The combination of single-tenant credit tenancy, NNN lease structure and the asset’s location within one of northern New Jersey’s most established suburban office corridors positioned the property as a compelling candidate for institutional life company capital.
A key consideration in the transaction was an upcoming lease rollover, which required careful underwriting despite the stability offered by the single-tenant NNN structure. In today’s selective office lending environment, lender focus centered on tenant credit quality, long-term occupancy outlook and the sustainability of cash flow beyond the initial lease term.
