NEWSROOM

Parkway 120
Vision Equities refinances Parkway 120 Asset

OLD BRIDGE -- GE Real Estate recently provided $30.65 million to Vision Equities to refinance Parkway 120, a Class A office building in Northeastern New Jersey. The five-story, 211,871 square foot building is located in Old Bridge, NJ, approximately 10 miles south of the intersection of Interstate 287 and the New Jersey Turnpike. Parkway 120 was built in 2001 and acquired by Vision Equities in September 2006. Vision Equities has since increased occupancy from 47 percent to 79 percent.

“GE Real Estate recognizes our continued ability to perform, and provided us with a low-cost, flexible fixed-rate loan despite the significant changes in the credit markets,” said Fred Arena, managing partner with Vision Equities. “We appreciate their confidence in us and look forward to partnering again on other investment opportunities.”

This is the second transaction between GE and Vision Equities, a full-service real estate development and management firm with experience involving more than 15 million square feet of real estate product, primarily in the Northeast and New Jersey.

“Vision Equities understands this market and has been able to significantly improve occupancy levels for this quality asset,” said David Cohen, regional director, Northeast, for GE's North America Lending Group. “We are pleased to provide the funding to help Vision Equities continue to add value to this well-located property. They are a well known local commercial real estate player with a solid reputation and strong management team we work with as a true partner. We look forward to closing additional deals with Vision Equities in the near future.”

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