HFF senior managing director Jon Mikula and managing director Jim Cadranell worked exclusively on behalf of Eastman Cos. and the Sagner Cos. to secure a $44.7-million, adjustable-rate loan through Wells Fargo Bank and TD BankNorth. Fidelity Real Estate Group provided $20.08 million in joint venture equity. Proceeds are being used for the redevelopment of the office building.
Eisenhower Corporate Campus has four interconnected buildings surrounding a four-story atrium lobby. Amenities at the complex include a full-service cafeteria with seating, a 200-person stadium-style seating auditorium, a fitness center and executive conference center. Situated on a 33.6-acre campus, the property is located at the intersection of Route 10 and Eisenhower Parkway close to Interstates 280 and 287.
"Eisenhower Corporate Campus has been a single tenant facility since its completion in 1984," says Mikula. "This financing will enable Eastman Management to transform the building into a premier multi-tenant property."
Late last month, HFF's Florham Park office also secured $43 million in financing for Hollymead Town Center in Charlottesville, VA; Signal Hill Shopping Center in Manassas, VA; and John's Creek Center in Jacksonville, FL.
Working exclusively on behalf of Columbia Regency Partners II, a joint venture between Regency Centers and the Oregon Public Employees Retirement Fund, HFF managing director Jim Cadranell placed the seven-year, fixed-rate loan with New York State Teachers Retirement System. Loan proceeds were used to pay off short-term acquisition financing placed on the properties in September 2008.
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