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| Jon Mikula |
FLORHAM PARK, NJ – HFF announced it has secured $14.5
million in financing for Metro Park South, a 132,721-square-foot, Class A
office building in Matawan, New Jersey.
HFF
worked on behalf of the borrower, Denholtz Associates, to secure the
three-year, floating-rate bridge loan with The Bancorp Bank.
Loan proceeds will be used to pay off existing debt, execute
a capital expenditure program that includes upgrades to the building’s lobby
and common areas, and cover upcoming tenant improvements and leasing
commissions needed to stabilize the property.
Metro
Park South is part of a three-building cluster of high-quality office assets
located at 100 Matawan Road at Exit 120 of the Garden State Parkway and within
minutes of the New Jersey Turnpike, Routes 1 and 9 and Interstate 287.
Amenities at the
four-story building include an atrium lobby, 100 covered executive parking
spaces, on-site café and abundant parking.
 |
| Michael Klein |
The
HFF debt placement team representing the borrower was led by director Michael
Klein along with senior managing director Jon Mikula and associate
director Michael Lachs.
“The
borrower was seeking a loan that would provide them with the capital needed to
refresh the building’s image in the market,” said Klein.
“Upgrades to the lobby and common areas as
well as the building’s exterior will help draw small and midsize tenants that
want to be located south of the Driscoll Bridge to an already tight submarket.”
“Bancorp quickly understood the borrower’s needs and was able to provide
a non-recourse loan structure that will enable Denholtz Associates to execute
its business plan,” added Mikula.
“Their process was seamless and they were able to close in approximately
30 days, which helped the borrower meet their upcoming loan maturity.”
For a complete copy
of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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