101 French St. is a build-to-suit, 100% pre-leased to Robert Wood Johnson University Hospital. The 10-story, 126,0000-sf medical office, across Plum St. from the university's main campus, is scheduled for completion in the third quarter of 2008.
"AST Development Corp.'s development expertise, combined with the tenant's strong credit, was a significant inducement for several lenders to make attractive proposals to provide the permanent financing for this project," Ehlinger says. "However, CTL Capital's superior capabilities in structuring credit-tenant lease financing transactions enabled it to offer our client the most favorable terms."
In addition to 101 French St., Lavallette-based AST is the designated developer for the entire block in New Brunswick, bounded by French, Plum, Prospect and Somerset sts. It has a second 10-story building fronting Somerset St. planned, with a 12-story parking garage connecting the two.
"The developer was selected by the City to develop this important block due to the firm's success with many similar projects throughout the state," says Richard Swartz, managing director of Sonnenblick Goldman. "Upon completion, 101 French St. will be a significant addition to downtown New Brunswick and the Robert Wood Johnson University Hospital campus."
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