Morristown, NJ — G.S. Wilcox & Co. announced that they have arranged financing in the amount of $19.7 million for two loans, arranged by Gretchen Wilcox, president, Al Raymond, principal and David Fryer, principal of G.S. Wilcox & Co.
Mutual of Omaha, a new correspondent lender provided funding for both loans.
Gretchen Wilcox and Al Raymond originated a loan totaling $13.5 million which provided purchasing financing for a local value add fund, who is a repeat borrower of G.S. Wilcox & Co. The loan is secured by a 245,824 s/f industrial property located in South Hackensack. The loan term was fixed for 5 years, has a 25 year amortization and was locked in at application in the low 3% range.
A loan totaling $6.2 million for a 100,000 s/f industrial building located in Secaucus, New Jersey was arranged by David Fryer and Gretchen Wilcox. The property was secured at a 10 year term and 25 year amortization and is 100% occupied.