FBI headquarters in Newark funded with $ 83 million loan – Commercial Observer

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New York City Net Lease Financier CTL Capital provided $ 82.5 million in debt to Claremont Group fund Newark, NJ field office Federal Bureau of Investigation (FBI) as it became known to the Commercial Observer.

The tenant’s credit lease has a term of 21.5 years with a maturity date under the recently renewed 20-year lease signed United States General Services Administration (GSA). According to sources, the loan will pay interest at a rate below 3 percent and provide for a six-year interest only payment.

Walker and Dunlop(W&D), the New York City Debt and Equity Capital Markets Group led by Aaron Appel, Kate Kurland as well as Jonathan as well as Adam Schwartz attracted and distributed debts together with W&D Michael Diaz as well as Michael Janno

Property – officially called Claremont Tower – located at 11 Central place, adjacent to Newark’s CBD and located on the banks of the Passaic River.

The FBI occupies the entire asset, which occupies about 500,000 square feet in a secure five-story garage with 400 parking spaces and 11 floors of office space, according to the Claremont website and GSA lease prospectus in February 2020.

In February 2020 GSA proposed an extension FBI lease on 248,000 square feet of property. According to the GSA lease prospectus, the previous lease expired in November 2022.

Claremont built the property for the FBI in 2002, adding to a long list of field offices in major US cities. As of last year, the FBI had 56 field offices across the country, according to the GSA.

The GSA detailed in its February 2020 lease prospectus, as it studied the FBI’s housing needs in the area, that a long-term renewal for the agency’s ownership was prudent as “the unique nature of operations requires levels of security that are not easy to obtain in the open market.”

The stable property profile, with its long-term arena in favor of the federal government, has resulted in a list of interested lenders in what W&D has called a “highly competitive marketing process.” Life insurance companies, investment banks and other lending firms besides CTL have joined the financing bidding.

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