New York, NY - PCCP, LLC announced today it has provided a $60 million senior loan to refinance Meadows Office Complex (top left photo), a two-building, 600,471-square-foot office property in northern New Jersey on behalf of the ownership, a joint venture between Onyx Equities, LLC and SL Green Realty Corp.
“PCCP worked with the ownership for more than six months as they explored alternatives toward recapitalizing the asset,” said John Randall (lower right photo) senior vice president with PCCP, LLC. “With our financing, the ownership now has the structure and new capital to do some planned renovation work as they look to reposition the asset, increase occupancy and create additional value at the property.”
Meadows Office Complex is currently 79 percent leased to over 60 diversified tenants with several leases pending. The largest tenant is Malo, an internationally renowned wellness and dental clinic which has a long-term lease.
The property’s ownership, with Onyx directly managing the property, plans to actively manage the upcoming lease rollovers and evaluate opportunities to extend leases, as well as work with existing tenants who have expressed a desire to expand in the space.
Built in the mid-1980s, Meadows Office Complex consists of two, 12-story Class A, institutional quality office buildings.
For a complete copy of the company’s news release, please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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