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| 3 Paragon Drive Office Property, Montvale, NJ |
FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF)
announces a $9.94 million acquisition financing for 3 Paragon Drive, a
93,916-square-foot, Class A office property in Montvale, New Jersey.
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| Michael Klein |
The HFF team worked on behalf of the borrower, Ramapo, New York-based
Northeast Capital Group, to secure the five-year, fixed-rate loan with Valley
National Bank.
3 Paragon Drive is situated on a 9.29-acre site in the Upper Parkway
Office submarket of Montvale, a community bordering New York state in Northern
New Jersey.
Montvale offers a
plentiful amenity base, including a new Wegmans Food Market and Life Time Fitness,
and connectivity to the entire region via Montvale Train Station, the Garden
State Parkway and Interstates 287, 87 and 80.
Additionally, Bergen County, where the property is located,
is home to a significant number of corporate headquarters and operation
headquarters for companies, including Sharp Corporation, Benjamin Moore and
KPMG.
Renovated in 2016, 3
Paragon Drive is 96 percent leased to two tenants, Pentax of America and Turner
Construction Company.
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| Porter Terry |
The HFF debt placement team representing the borrower
included managing director Michael Klein and senior director Porter
Terry.
“The high-quality property features many attributes that lenders were
attracted to including a prime location within Bergen County that provides
access to the local highway infrastructure, as well as a long-term anchor
tenant that has demonstrated its commitment to the building,” stated
Klein.
“As a result, there
was significant interest in this transaction from local and regional banks.
Valley National Bank was able to provide a highly competitive deal that best
met the borrower’s needs.”
CONTACTS:
MICHAEL KLEIN
HFF Managing Director
(973) 549-2000
PORTER TERRY
HFF Senior Director
(617) 338-0990
KRISTEN MURPHY
HFF Director, Public
Relations
(617) 338-0990
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