HFF secures $10 million refinancing for West Ridge Corporate Center in Eatontown, New Jersey
FLORHAM PARK, NJ – August 3, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $10 million refinancing for West Ridge Corporate Center, a 113,715-square-foot, office/flex campus in Eatontown, New Jersey.
Working on behalf of the borrower, Bollerman Real Estate Services, Inc., HFF placed the 10-year, fixed-rate loan with Principal Commercial Capital, a lending platform jointly formed by Macquarie Group and Principal Real Estate Investors. Loan proceeds were used to refinance an existing loan on the property.
West Ridge Corporate Center is located at One Industrial Way West within the Eatontown Business Park. The five-building, office/flex complex is located just west of Route 35, one mile south of its intersection with Route 36 and less than three miles from Interchange 105 of the Garden State Parkway and Route 18. The property, which was constructed in 1983 and purchased by Bollerman in 2004, is currently 96 percent leased.
The HFF debt placement team representing Bollerman was led by director Michael Klein.
“Bollerman was seeking a long term loan that would enable them to take advantage of low interest rates in arguably a soon to be rising interest rate environment,” said Klein. “Principal understood the submarket and the short term leases associated with this product type and was able to provide a loan that best met Bollerman’s needs.”
About Bollerman Real Estate Services, Inc.
Founded by Jim Bollerman in 1986, Bollerman Companies, headquartered in Monmouth County, has experienced dramatic growth. Bollerman Development Corporation develops high quality commercial office, flex and industrial space in Central and Northern New Jersey for its own portfolio and with joint venture partners as well as high end multi-family residential projects in select New Jersey markets. Bollerman Real Estate Services provides asset and property management services, property acquisitions and dispositions, consulting/advisory services, single asset and portfolio valuation providing transition and workout services.
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.
HFF Associate Director, Marketing