Denholtz Associates Secures $3.975 Million Refinancing of Bridgewater Mixed Use Building
Denholtz Associates, a privately held, fully integrated real estate development, investment and management company, has secured a 10-year, $3.975 million refinancing on five of its flex-industrial properties totaling 115,714 square feet. The properties, located at 1W-5W, Chimney Rock Road in Bridgewater, NJ are part of the Bridgewater Business Park. Michael Cook, Senior Vice President of Commercial Lending for First Bank NJ, negotiated the terms of the refinance.
Located in the heart of Somerset county, The Bridgewater Business Park boasts approximately 380,000-square-feet of flex-industrial buildings, offering flexible accommodations for a variety of tenants. The properties located at 1W-5W currently house a mixture of showrooms, including a plumbing and stone countertop company, and recreational users, which includes a paintball and gymnastics company.
“We have been fortunate to have worked with a lot of great lenders, including community banks that know our target markets as well as we do,” said Stephen Cassidy, President of Denholtz Associates. “First Bank NJ was able to see our vision for the future of the Bridgewater Business Park properties and negotiate mutually favorable rates that will keep us doing business together for a long time. Our understanding of the Bridgewater industrial market and successful track record working with community lenders enabled us to reach favorable terms for the refinance.”
The properties are located just off Route 22 in a high traffic area at the convergence of Routes 202/206, I-287 and I-78. The area is also convenient to the Garden State Parkway and New Jersey Turnpike. Nearby attractions include the Bridgewater Commons Mall, outstanding dining choices, banks, hotels and conference centers.
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