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| Park Place, 200--230 Park Avenue, Florham, NJ |
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| Jon Mikula |
FLORHAM PARK, NJ – HFF announced it has secured $65.5
million in financing for Park Place, a four-building, Class A office
park totaling 351,684 square feet in Florham Park, New Jersey.
HFF
worked exclusively on behalf of the borrower, Normandy Real Estate Partners, to
secure the loan with First Niagara Bank and Principal Real Estate Investors.
Loan proceeds will
be used to retire existing debt, upgrade amenities to meet “Best in Class”
standards and fund leasing costs for new tenants.
Park
Place is situated on 30.06 acres at 200-230 Park Avenue along the Route 24
corridor in the western part of Florham Park, a northern New Jersey township in
Morris County approximately 30 miles west of Manhattan.
Amenities include an
on-site cafeteria and fitness center, 70-seat conference center and parking for
1,405 vehicles. All four of the
three-story buildings were reconstructed from the steel frame in 2001 and are
leased to Fairleigh Dickinson University, M&T Bank, Sun Bank and several of
the state’s leading law firms.
The
HFF debt placement team representing the borrower was led by senior managing director
Jon Mikula and associate director Mike Lachs.
“We
were excited to be a part of the Normandy team helping to re-introduce Park Place to the market,”
Mikula said.
“By partnering First
Niagara with Principal, we were able to provide a creative, cost effective
solution.”
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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