HFF secures $18.5 million refinancing for Class A office building in Iselin, New Jersey
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured an $18.5 million refinancing for Centra, a 110,700-square-foot, Class A office building in the Metropark section of Woodbridge, New Jersey.
Working on behalf of The Hampshire Companies, HFF placed the loan with M&T Bank to take out the property’s construction loan, which HFF placed in November of 2010 for the redevelopment of the property.
Centra is located at 100 Wood Avenue South close to the Metropark Train Station and directly accessible from the Garden State Parkway Exits 131 and 132, which are located just north of the confluence of the NJ Turnpike, Interstate 287, Route 440 and Routes 1 & 9, and approximately 20 miles southwest of New York City. Completed in late 2011, the property is now 95 percent leased. Key tenants include JP Morgan Chase, MetLife, Grant Thornton and Net App. The four-story, LEED Platinum building features a conference center, fitness center and café.
The HFF debt placement team representing the borrower was led by director Michael Klein and senior managing director Jon Mikula.
“When we began marketing the debt, the building was still in lease up at 66 percent occupancy,” said Klein. “That quickly changed as JP Morgan Chase and MetLife executed leases taking the building’s occupancy to 95+ percent, further demonstrating the strength of this location and the quality of the asset.”
“M&T Bank was flexible throughout the process and flawlessly executed for the borrower as the deal evolved,” added Mikula.
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at http://www.hampshireco.com.
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.