Thursday, November 15, 2018

HFF announces $9.94 million acquisition financing for Class A office property in Bergen County, NJ


3 Paragon Drive Office Property, Montvale, NJ

FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announces a $9.94 million acquisition financing for 3 Paragon Drive, a 93,916-square-foot, Class A office property in Montvale, New Jersey.

Michael Klein
The HFF team worked on behalf of the borrower, Ramapo, New York-based Northeast Capital Group, to secure the five-year, fixed-rate loan with Valley National Bank. 

3 Paragon Drive is situated on a 9.29-acre site in the Upper Parkway Office submarket of Montvale, a community bordering New York state in Northern New Jersey. 

 Montvale offers a plentiful amenity base, including a new Wegmans Food Market and Life Time Fitness, and connectivity to the entire region via Montvale Train Station, the Garden State Parkway and Interstates 287, 87 and 80. 

Additionally, Bergen County, where the property is located, is home to a significant number of corporate headquarters and operation headquarters for companies, including Sharp Corporation, Benjamin Moore and KPMG. 

 Renovated in 2016, 3 Paragon Drive is 96 percent leased to two tenants, Pentax of America and Turner Construction Company.

Porter Terry
The HFF debt placement team representing the borrower included managing director Michael Klein and senior director Porter Terry.

“The high-quality property features many attributes that lenders were attracted to including a prime location within Bergen County that provides access to the local highway infrastructure, as well as a long-term anchor tenant that has demonstrated its commitment to the building,” stated Klein. 

 “As a result, there was significant interest in this transaction from local and regional banks. Valley National Bank was able to provide a highly competitive deal that best met the borrower’s needs.”


CONTACTS:

MICHAEL KLEIN
HFF Managing Director
(973) 549-2000

PORTER TERRY
HFF Senior Director
(617) 338-0990

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990

necgre.com.

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