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| 17 and 23 Christopher Way within Eatontown Business Park, Eatontown, NJ |
FLORHAM PARK, NJ – HFF announced today that it has secured
$13.9 million in financing for 17 and 23 Christopher Way, a
45,475-square-foot office/flex building and adjacent 79,053-square-foot
mid-rise office building located within the four million-square-foot Eatontown
Business Park in Eatontown, New Jersey.
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| Michael Klein |
HFF worked on behalf of The Donato Group to secure a $12.7
million, seven-year, fixed-rate first mortgage and a $1.2 million line of
credit through OceanFirst Bank.
The loan will be used to refinance existing debt on the
property and provide a working line of capital for upcoming tenant improvements
and leasing commissions.
17 and 23 Christopher Way, which were developed by the
borrower in 2000, are located just off Route 35 less than three miles from the
Garden State Parkway, Route 36 and Route 18.
The property is 97 percent leased to tenants including Wentworth
Property Management Corp., Industrial Controls, Cohn Reznick and Nuance
Communications, Inc.
The HFF team representing the borrower was led by director Michael
Klein.
“The high-quality finish of the assets coupled with the size
of the borrower’s portfolio within the submarket and their local market
expertise help ensure that these properties are always highly occupied,” said
Klein. “OceanFirst Bank provided
personal attention with a customized loan solution that best met The Donato Group’s
needs.”
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| John Donato Jr. |
The Donato Group is a more than 45-year-old real estate
development, management and construction firm based in Eatontown, New
Jersey. The group has developed an
expertise in the development and management of office, high-tech and industrial
properties in Monmouth and Ocean Counties in New Jersey.
The company was founded by the late John Donato, Jr. and is
managed today by his son Corbett Donato. The Donato Group currently has a portfolio of approximately
850,000 square feet throughout the region.
Its intimate knowledge of the market and the size of its portfolio makes
the firm a premier owner and manager in the area.
OceanFirst Bank is a full-service community bank
headquartered in Ocean County, New Jersey and provides commercial and
residential financing as well as checking, savings and online services to
retail and business clients throughout the region.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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