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| 1800 Route 34, Wall Township, NJ |
FLORHAM PARK, NJ – Holliday
Fenoglio Fowler, L.P. (HFF) announced it has arranged a $23.7 million
refinancing for 1800 Route 34, a
189,836-square-foot, four-building office/flex complex in Wall Township, New
Jersey.
HFF worked on behalf of
the borrower, The Donato Group, to secure the 10-year, fixed-rate loan through
CIBC World Markets.
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| Michael Klein |
1800 Route 34 is situated
less than two miles from both Interstate 195 and the Garden State Parkway at
the intersection of Route 34 and W. Hurley Pond Road.
The complex has above average parking at 950
spaces, which represents five spaces per 1,000 square feet, as well as a
3,400-square-foot restaurant that is open for breakfast, lunch and catering
within the complex.
Constructed between 2001 and 2007, the Class A
property is currently 95 percent leased.
Significant tenants include French & Parrello, First Credit Union,
The Earle Companies, KMB Design Group, Secova Securities and Eckman Recycling.
The HFF debt placement
team representing the borrower was led by director Michael Klein.
“With a concern about
interest rates rising in the near future and the desire for maximum proceeds,
the borrower elected to prepay a number of loans and take interest rate risk
out of the equation for the next 10 years,” stated Klein.
“CIBC understood this unique Monmouth County
submarket as demonstrated by the complex’s strong historical occupancy and
recognized the quality of the buildings construction and the borrower’s strong
hands on management style to provide aggressive terms that best met the
borrower’s needs.”
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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