MATAWAN, NJ–HFF secured $14.5 million in financing for Metro Park South, a 132,721-square-foot, Class A office building in Matawan, NJ that will enable the new owner to pay down debt and make capital improvements on the property.
HFF worked on behalf of the borrower, Denholtz Associates, to secure the three-year, floating-rate bridge loan with The Bancorp Bank. Loan proceeds will be used to pay off existing debt, execute a capital expenditure program that includes upgrades to the building's lobby and common areas, and cover upcoming tenant improvements and leasing commissions needed to stabilize the property. GlobeSt.com previously reported on Cushman & Wakefield's efforts to help Denholtz recapitalize the property.
Metro Park South is part of a three-building cluster of high-quality office assets located at 100 Matawan Road at Exit 120 of the Garden State Parkway and within minutes of the New Jersey Turnpike, Routes 1 and 9 and Interstate 287. Amenities at the four-story building include an atrium lobby, 100 covered executive parking spaces, on-site café and abundant parking.
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