HFF places $23.7 million refinancing with CIBC World Markets for New Jersey office complex
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $23.7 million refinancing for 1800 Route 34, a 189,836-square-foot, four-building office/flex complex in Wall Township, New Jersey.
HFF worked on behalf of the borrower, The Donato Group, to secure the 10-year, fixed-rate loan through CIBC World Markets.
1800 Route 34 is situated less than two miles from both Interstate 195 and the Garden State Parkway at the intersection of Route 34 and W. Hurley Pond Road. The complex has above average parking at 950 spaces, which represents five spaces per 1,000 square feet, as well as a 3,400-square-foot restaurant that is open for breakfast, lunch and catering within the complex. Constructed between 2001 and 2007, the Class A property is currently 95 percent leased. Significant tenants include French & Parrello, First Credit Union, The Earle Companies, KMB Design Group, Secova Securities and Eckman Recycling.
The HFF debt placement team representing the borrower was led by director Michael Klein.
“With a concern about interest rates rising in the near future and the desire for maximum proceeds, the borrower elected to prepay a number of loans and take interest rate risk out of the equation for the next 10 years,” stated Klein. “CIBC understood this unique Monmouth County submarket as demonstrated by the complex’s strong historical occupancy and recognized the quality of the buildings construction and the borrower’s strong hands on management style to provide aggressive terms that best met the borrower’s needs.”
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.