HFF arranges $13.67M financing for Class A office development in Summit, NJ

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged $13.67 million in financing for the development of Claremont Corporate Center, (top right photo) a 42,200-square-foot office development in Summit, Union County, New Jersey.

HFF senior managing director Jon Mikula (top left photo) and director John Taylor worked exclusively on behalf of the borrower, Claremont Corporate Center, LLC to secure construction and permanent financing for the development.

A speculative project scheduled for 2009 delivery, Claremont Corporate Center was designed as a landmark asset, blending the historic 100-year old Risk Mansion with a new state-of-the-art office building featuring a two-story atrium lobby with a glass curtain wall and 20-foot stone façade.

Offering one of the best parking ratios in the area, the property will have a 99-space underground executive parking garage (with direct elevator access to office space) in addition to 40 surface spaces.

Claremont Corporate Center is located within two blocks of the Summit Train Station at 535 Springfield Avenue close to the junction of Interstate 78 and Route 24, approximately 22 miles west of Manhattan and within 10 miles of Newark’s Liberty International Airport.

“Given the asset’s unparalleled combination of quality, location and amenities, this project is likely to attract some of the more discerning and demanding tenants in the New York Metro market,” said Mikula. “Claremont Corporate Center will be downtown Summit’s first true Class A office building.”

“The property’s proximity to the train station provides many executives living in Summit the first real opportunity to relocate their offices from Manhattan,” said added Taylor. “More information is available at http://www.claremontcorporate.com/.”

CONTACTS:

Jon Mikula, HFF Senior Managing Director, 973 549 2000, jmikula@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com