FLORHAM PARK, NJ – HFF has secured a $10.5 million refinancing for 180-188 Mt. Airy Road, a two-building office property totaling 104,202 square feet in Basking Ridge, New Jersey.
Working on behalf of Lincoln Property Company, HFF placed the five-year, floating-rate loan with OceanFirst Bank. Loan proceeds will be used to retire existing debt and return equity to the partnership.
180-188 Mt. Airy Road is 54 miles outside of New York City in an area known as New Jersey's “Wealth Belt” along Interstate 78. Situated on 14.4 acres, the two two-story, multi-tenant office buildings contain more than 104K SF of rentable space. 180 Mt. Airy Road was renovated in 2004, and 188 Mt. Airy Road was renovated in 2007. The properties are 95 percent leased, and major tenants include Montgomery Academy, The Learning Experience, Integrated Device Technology and Mt. Airy Associates.
The HFF debt placement team representing the borrower was led by director Michael Klein and associate director Andrew Roland.
“The borrower was seeking short-term financing with maximum prepayment flexibility in the event of a sale of the property in the future,” Klein said. “OceanFirst understood the unique tenant mix at the property and was attracted by the strength of the subject's submarket. As a result, the bank was able to provide an aggressive floating-rate loan that best met the joint venture's current and future needs.”
Lincoln Property Company, founded in 1965 by chairman Mack Pogue, is a privately held real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln's cumulative development efforts have produced more than 100 million square feet of commercial space and more than 185,000 multifamily residential units. Lincoln Property Company is one of the largest commercial real estate companies in the world. Lincoln's transaction team was led by, vice president Mike Taylor.
OceanFirst Bank is a full-service community bank headquartered in Ocean County, New Jersey and provides commercial and residential financing as well as checking, savings and online services to retail and business clients throughout the region.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the US commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
