$30.5 million construction financing for Parsippany, New Jersey office property arranged by HFF
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $30.5 million construction loan for 10 Sylvan Way, a 125,829-square-foot office property in Parsippany, New Jersey.
Working on behalf of the borrowers, Normandy Real Estate Partners and Partners Group, HFF placed the loan with First Niagara Bank. Loan proceeds are being used for a gut rehab and build-to-suit of the building.
10 Sylvan Way is located within the Mack-Cali Business Campus close to Interstate 287 and Route 10 in the northern New Jersey township of Parsippany. Upon completion the property will be fully leased to Zoetis, Inc.
The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula.
About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate operator and investment manager headquartered in Morristown, New Jersey with offices in Boston, New York City and Washington, D.C. Normandy currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments. Normandy’s existing portfolio includes over 15 million square feet of commercial assets, four hotels and numerous land development sites. Normandy targets value added real estate investments in the gateway markets of Boston, Metro New York City, San Francisco, and Washington, D.C. where opportunities exist to enhance value through creative repositioning, financial restructuring, intensive management, and capital improvements. For more information, visit www.normandyrealty.com.
About Partners Group
Partners Group is a global private markets investment management firm with over $47 billion in investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in San Francisco, Houston, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Shanghai, Seoul, Tokyo and Sydney. The firm employs over 780 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its partners and employees. www.partnersgroup.com
About First Niagara
First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state community-oriented bank with approximately 390 branches, $39 billion in assets, $28 billion in deposits, and approximately 5,400 employees providing financial services to individuals, families and businesses across New York, Pennsylvania, Connecticut and Massachusetts. For additional information on First Niagara, visit www.firstniagara.com, follow the firm on Twitter @FirstNiagara, or like First Niagra on Facebook at FirstNiagaraBank.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.