Gunning, Falzarano and Kleppe of CBRE complete $38 million refinancing

CBRE Group Inc.'s debt & structured finance team has completed a $38 million refinancing of a fully-­leased office building. The CBRE team of James Gunning, Donna Falzarano, and Evan Kleppe, secured a 10-year loan at a sub-­5% interest rate through Relius Financial, on behalf of the borrower, Jeffroad Green, LLC. The loan was secured by a fully occupied 206,155 s/f suburban office building at 399 Jefferson Rd. The financing recapitalized a prior bridge loan placed in 2010 by the same CBRE team. Jeffroad Green and Prism Capital Partners, managing partner, promptly began an extensive program improving the tenant spaces. The result was a highly functional buildout befitting a corporate HQ. NYSE-­listed Pinnacle Foods andBiomet Spine & Healing Technologies each signed long-­term leases and CBRE was able to obtain maximum proceeds at a competitive interest rate. 399 Jefferson Rd. was originally constructed in 1970, renovated in 1989 and renovated and expanded in 2010-­2011.The owner, in securing the leases for the property, also secured approvals for and completed construction of a 28,000- s/f building expansion. More than $24 million was invested into the tenant spaces, creating headquarters environments and specialized research and development spaces.