HFF nets $10.5 million refi for NJ office buildings.
HFF announced that it has secured a $10.5 million refinancing for 180-188 Mt. Airy Road, a two-building office property totaling 104,202 square feet in Basking Ridge, New Jersey.
Working on behalf of Lincoln Property Company, HFF placed the five-year, floating-rate loan with OceanFirst Bank. Loan proceeds will be used to retire existing debt and return equity to the partnership.
The property, 180-188 Mt. Airy Road, is located in northern New Jersey 54 miles outside of New York City in an area known as the state's "Wealth Belt" along Interstate 78. Situated on 14.4 acres, the asset is comprised of two two-story, multi-tenant office buildings containing 104,202 square feet of rentable space. 180 Mt. Airy Road was renovated in 2004, and 188 Mt. Airy Road was renovated in 2007.
The properties are 95 percent leased, and major tenants include Montgomery Academy, The Learning Experience, Integrated Device Technology and Mt. Airy Associates.
The HFF debt placement team representing the borrower was led by director Michael Klein and associate director Andrew Roland.
"The borrower was seeking short-term financing with maximum prepayment flexibility in the event of a sale of the property in the future," Klein said. "Ocean First understood the unique tenant mix at the property and was attracted by the strength of the subject's submarket. As a result, the bank was able to provide an aggressive floating-rate loan that best met the joint venture's current and future needs."
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately held real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln's cumulative development efforts have produced more than 100 million square feet of commercial space and more than 185,000 multifamily residential units.
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|Comment:||HFF nets $10.5 million refi for NJ office buildings.(TRANSACTIONS)|
|Publication:||Real Estate Weekly|
|Date:||Aug 6, 2014|
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