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$14M Financing Set for Spec Office

SUMMIT, NJ-The 42,200-sf Claremont Corporate Center is under construction and set for delivery in 2009.

By Eric Peterson | Updated on August 14, 2008

SUMMIT, NJ-An affiliate of New York City-based Greenock Capital started construction for the 42,200-sf Claremont Corporate Center this past fall, and now that group has picked up nearly $13.7 million in financing to help that project along. Claremont Corporate Center LLC expects to have its project ready for delivery to market in 2009.

The combination of construction and permanent financing was arranged for the borrower by senior managing director Jon Mikula and director John Taylor of the Florham Park, NJ office of Holliday Fenoglio Fowler. The source of the funding was not disclosed.

“Given the asset’s combination of location and quality, it’s likely to attract some of the more discerning and demanding tenants in the New York metro market,” says Mikula, who notes that the project is within a couple of blocks of this city’s commuter rail station. “It will be downtown Summit’s first true class A office building.”

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