PRINCETON, NJ–Cushman & Wakefield has assisted Jeffrey Siegel and an affiliate of ML7 in obtaining an $8.2 million refinancing for a mixed-use property at the gates of Princeton University.
A ten-year, fixed-rate loan from Cantor Commercial Real Estate was provided for 5-13 Witherspoon St. The 17,000 square-foot building had been purchased in 2010 and completely renovated by Siegel in partnership with ML7, one of the most active developers in the Princeton market.
The retail, office and apartment spaces were all upgraded. Agricola Eatery, a farm-to-table restaurant, opened in March and has already become a popular dining destination in central New Jersey.
Gideon Gil, Alexander Hernandez and Sridhar Vankayala of Cushman & Wakefield's Equity, Debt & Structured Finance group served as advisor to Jeffrey Siegel and ML7.
“The sponsor was seeking a capital provider that would understand this premier location within the Princeton, New Jersey marketplace,” said Gil, a managing director. “Jeffrey Siegel and the ML7 team completed a massive renovation of this trophy property and created the next generation of bullet-proof retail at the gates of one of the most prestigious universities in the world.”
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