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Natixis Lends $115 Million for New Allergan U.S. Headquarters
Natixis provided $115 million of 10-year, fixed-rate CMBS financing to Lincoln Equities Group on the new Allergan U.S. headquarters located at 5 Giralda Farms in Madison, NJ. Natixis anticipates securitizing a senior mortgage loan and syndicating the remaining subordinated debt. Proceeds were used to refinance existing debt and to fund reserves to finance tenant improvements, leasing commissions, capital improvements, and the construction of a new parking facility. The financing was arranged by David Rosenberg, Mark Silbersher, and Rafi Frankel at Deerwood Capital.
The property is located on a 310-acre gated campus and consists of three buildings: a 431,495 sf Class A office building; a 12,985 sf daycare center; and a 9,200 sf carriage house that will be used as event space. Allergan won $58 million in tax incentives from the State of New Jersey for the project by pledging to keep 1,000 jobs in the state and to add 300 more. Over $100 million will be invested in the office renovation. Renovations are under way and Allergan plans to take occupancy in August 2017.
Natixis is an active lender in New Jersey, financing many deals across the state including $209 million for the Novo Nordisk Headquarters (office) in Princeton, $27 million for 45 Waterview Boulevard (office) in Parsippany, $27 million for Mendham Shopping Center (anchored retail) in Mendham, and $91 million for the Regents Portfolio (medical office) with properties in various locations including Jersey City, Fair Lawn, and Hackensack.
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About Natixis
Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second-largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d’Epargne, Natixis counts nearly 16,000 employees across 38 countries. Its clients include corporations, financial institutions, sovereign and supranational organizations, as well as the customers of Groupe BPCE’s networks. Listed on the Paris stock exchange, Natixis has a solid financial base with a CET1 capital under Basel 3(1) of €11.1 billion, a Basel 3 CET1 Ratio(1) of 11.5% and quality long-term ratings (Standard & Poor’s: A+ / Moody’s: A1 / Fitch Ratings: A+).
(1) Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in. See note on methodology in the 2Q19 earnings material.
Figures as at 30 June 2019