HFF arranges $9.1M construction loan for West Orange, NJ medical office condominium building

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $9.1 million construction loan for 375 Mt. Pleasant Avenue, (top right rendering) a medical office condominium building currently under construction in West Orange, New Jersey.

HFF senior managing director Jon Mikula (middle right photo) and associate director Michael Klein (bottom left photo) worked exclusively on behalf of The Hampshire Companies to secure the 24-month, adjustable-rate loan through Valley National Bank.

The loan has two, one-year extension options. Since 2001, HFF has arranged more than $375 million in financing for The Hampshire Companies.

The property, which is situated on an 11-acre parcel, was the former Organon headquarters campus.

Due for completion by year end 2009, 375 Mt. Pleasant Avenue will have 106,000 square feet of medical office condominium space. The property’s first tenant, New Jersey Cardiology Associates, has taken occupancy in a 22,524-square-foot space in the first phase of the building.

The property is close to Interstate 280 approximately 14 miles west of Manhattan in West Orange.

“Upon completion, the property will feature modern design and amenities such as garage parking for doctors and senior staff; an added convenience for both patients and employees,” said Mikula. “In addition, the building is zoned ‘hospital’, which makes the subject a fit for all medical uses.”

The Hampshire Companies, a full-service, private real estate investment manager with equity in assets valued at over $2 billion, targets the development or purchase, and operation of investment-grade neighborhood supermarket-anchored centers, single-tenant retail facilities, warehouse/distribution facilities, office buildings, and self storage facilities located in the Mid-Atlantic and Northeast regions of the United States.

The company currently operates a diversified national portfolio of properties totaling more than 20 million square feet with $1 billion of equity under management.

Contacts:

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

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com